Heirs Energies Climbs From Zero To 55,000 Barrels Per Day With No Fatalities, Poised For Bigger Gains

Tony Elumelu, the leading African investor and philanthropist, says the rise of Heirs Energies is proof that indigenous companies can compete at global standards, deliver value, and redefine Africa’s energy story.

“When we founded Heirs Energies, our vision was bold, yet simple,” recalled Elumelu who is the Chairman, adding “An African integrated energy business, grounded in excellence, execution, and enterprise, that could redefine what is possible in our oil and gas industry.”

Heirs Energies, which acquired OML 17 in 2021, moved with speed and discipline. “In 100 days, we doubled production safely and responsibly,” he said. “We demonstrated that African companies have the expertise and resilience to deliver at global standards.”

Four years later, production has climbed to 55,000 barrels per day — an achievement Elumelu describes as “remarkable,” particularly because it has been attained without a single fatality, serious injury, or Loss Time Injury (LTI).

“This is not just about numbers,” he explained. “It is about African expertise and vision coming together to unlock value from what many considered a mature asset. Through strategic investment in technology, people, and processes, we have shown that aging infrastructure can be revitalised while upholding world-class operational standards.”

Elumelu refers to this approach as “Brownfield Excellence,” which he says is now the company’s core competence. He insists that this operational philosophy is not limited to production and safety metrics, but extends to how Heirs Energies relates with its stakeholders.

“We have industry-leading safety records, but beyond that, our commitment runs deep,” he noted. “We invest in our host communities, empower local talent, and nurture the next generation of African energy leaders.”

Under the leadership of Osa Igiehon, Heirs Energies has expanded rapidly, building a reputation not only as a reliable energy producer, but also as a company that places people and sustainability at the heart of its operations.

“What we have achieved in such a short time is remarkable,” Elumelu said. “But the real story lies ahead. With the dedication of our people under the leadership of Osa lgiehon, Heirs Energies is delivering value, meeting Africa’s unique energy needs, and building an African champion.”

Heirs Energies’ exemplary success aligns closely with Elumelu’s well-known concept of Africapitalism — the idea that the private sector must take the lead in transforming Africa through long-term investments that create both economic prosperity and social wealth. In Heirs Energies, Africapitalism finds one of its clearest expressions: a business that is profitable, but also one that is committed to people and purpose.

He is also the founder of the Tony Elumelu Foundation (TEF), which has provided over 24,000 African entrepreneurs with seed capital exceeding $100 million and trained more than 2.5million young people via its digital hub, TEF-Connect. The initiatives have led to the creation of an estimated two million direct and indirect jobs and generated $3.2 billion in revenue for the continent’s economy.