BusinessDay

Heirs Oil and Gas reaffirms commitment to Global ESG

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Heirs Oil & Gas, Africa’s integrated energy company, has reaffirmed its commitment to both national and global environmental, sustainability and governance (ESG) best practices in view of its upcoming one-year anniversary celebration.

An important aspect of this commitment is the elimination of routine flaring from HHOGs OML 17 by 2025, in compliance with the Nigerian Government’s routine Flare Reduction/Elimination goal and global greenhouse gas reduction initiatives.

According to Osa Igiehon, the Chief Executive Officer of Heirs Oil & Gas, there are steps being taken by the organisation to ensure the implementation of the plans to meet the commitment.

He said: “Decades of underinvestment in the asset cannot be corrected in a few months, since taking over the asset, we have been working arduously on this objective with the execution of flare reduction projects such as follows: Associated Gas Gathering(AGG) compressor uptime improvement, facility upgrades, provision of gas gathering solutions and facility off-gas utilisation initiatives.”

He explained that in line with the set objectives, since the acquisition, HHOG have more than doubled the gas production capacity of OML-17 from 50 to 120 mmscfd within the short period we have operated this asset. All this gas goes into the eastern Nigeria domestic gas market to enhance power generation and create the much-needed feedstock for gas-based industries, sustaining & creating jobs and improving lives.

Read also: In push to sell more crude, Nigeria, Saudi Arabia cut oil prices

On the social front, Heirs Oil & Gas continues to make meaningful contributions towards improving the livelihoods of Africans.

“We believe that understanding and addressing the interests of our host communities is critical for achieving success in our operations. We continuously seek opportunities to create a positive impact through community infrastructure development and empowerment initiatives. As a leading indigenous operator, Heirs Oil & Gas remains committed to making a positive impact in Nigeria, Africa, and the world at large,” he said.

Heirs Oil & Gas is a leading African, indigenous owned, integrated energy company, headquartered in Nigeria, whose assets include Nigerian oil block OML 17, with a current production capacity of over 30,000 barrels of oil equivalent per day and 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential.

Heirs Oil & Gas is jointly owned by Heirs Holdings, the leading African strategic investor and affiliate company Transnational Corporation Plc (Transcorp), Nigeria’s largest publicly listed conglomerate.

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