Home » Nigerian tycoon Tony Elumelu’s energy company surpasses production milestone

Nigerian tycoon Tony Elumelu’s energy company surpasses production milestone

Elumelu acknowledges Heirs Energies' team for industry leadership, applauds CEO for pioneering impact

by Omokolade Ajayi
Tony Elumelu

Heirs Energies, Africa’s largest indigenous-owned energy company, led by Nigerian tycoon and business executive Tony Elumelu, has successfully increased its daily oil production from 27,000 barrels per day (bpd) in 2021 to 40,000 bpd.

The milestone comes just three years after the company’s launch, underscoring its commitment to sustainable energy practices and community engagement. Elumelu, the chairman of Heirs Energies, expressed his pride in the accomplishment. 

Reflecting on his vision for Heirs Energies, Elumelu stated, “As someone from the Niger Delta, I had seen firsthand how Nigeria’s resource wealth can be mishandled. The energy sector was an industry that had frankly not served Nigeria’s interest. I knew Nigeria could do better and control her destiny. My vision was to build Africa’s largest indigenous-owned integrated energy company, focused on Africa’s unique energy needs. As I look back now, we have more than succeeded.”

Elumelu’s transformative leadership: Heirs Energies’ remarkable growth in Nigeria’s oil industry

Heirs Energies, operating as the sole operator of OML 17 in Nigeria’s Niger Delta, was launched in January 2021. The company’s success can be attributed to strategic acquisitions and operational excellence under the astute leadership of Tony Elumelu, who also chairs Heirs Holdings, Transcorp Nigeria Plc, and United Bank for Africa Plc. 

The acquisition of oil license OML17 involved an eight-year, $1.2-billion transaction, solidifying joint venture partnerships with major players in the industry. At a critical juncture when Nigeria is striving to optimize oil production, Heirs Energies’ achievement of increasing oil production from 27,000 to 40,000 bpd is particularly significant. 

In addition to its success in the oil sector, Heirs Energies has also ventured into gas production, rapidly becoming a vital contributor to Nigeria’s domestic gas supply. All gas produced by the company is directed to the domestic market, meeting local demand, providing energy to households, supporting power plants, and benefiting various gas-reliant industries in the region.

Elumelu acknowledges Heirs Energies’ team for industry leadership, applauds CEO for pioneering impact

Elumelu commended the dedicated team at Heirs Energies for their hard work, dedication, and expertise, singling out Managing Director and CEO Osa Igiehon for leading the company to become a role model within the energy sector.

Elumelu expressed deep gratitude to the team, stating, “Your hard work, dedication, and expertise have enabled us to become a role model within the energy sector, as we strive towards our purpose of improving lives and communities across our continent.”

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