The intervention of the Federal Government in the operations of the oil and gas sector has played a catalytic role in reinvigorating the sector and transforming Africa’s energy landscape, the Chairman of Heirs Energies, Tony Elumelu, has said.
Elumelu, who is also the Founder and Chairman of Heirs Holdings, spoke at the inaugural
Petroleum Industry Leadership Dialogue in Abuja.
He cited the case of Heirs Energies to buttress his point on the impact of the government’s intervention in the sector, saying it was Heirs Holdings’ vision of transforming Africa’s energy
landscape through indigenous leadership and sustainable
development.
“In just four years, Heirs Energies has rapidly grown its
production from 21,000 barrels per day (bpd) of hydrocarbon to
over 50,000 bpd,” he said.
Elumelu emphasising the need for strong spirit of collaboration between private and public sectors in the development of the petroleum industry, to promote adding that this underscored the
successful indigenisation agenda.
“As an investor, not just in petroleum resources, but in Nigeria’s power production
and distribution sectors, all of us, need to come together to ensure
Nigerians get the full benefits of our natural resources. As we build Africa’s largest integrated energy business, innovation and collaboration are central to
our execution,” he said.
He said the forum affirmed Nigeria’s commitment to dialogue on ways to increase oil production, while maintaining environmental responsibility and leveraging gas as a transition fuel.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, in his remarks applauded Heirs Energies for hosting this
inaugural event, saying it provided a platform for meaningful industry engagement.
The Minister announced that Nigeria’s oil production reached 1.8 million barrels per day in January 2025, while against an ambitious output target of 2.5 million barrels per day in 2025.
Also, he reaffirmed the present administration’s “drill or
drop” policy as a strategy to accelerate oil production growth.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Engr. Gbenga Komolafe, emphasised the significance of dialogue in advancing the sectors objectives.
“I thank Heirs Energies for this beautiful initiative of putting together the Petroleum Industry Leadership Dialogue as a commitment to achieving our
national objective in the upstream sector,” Komolafe said.
He highlighted the surge in
active drilling rigs to 38, with projections to reach 50 by March 2025.
On his part, the Organisation of Petroleum Exporting Countries (OPEC) Board of Governors Chairman for Nigeria and CEO, First E&P, Ademola Adeyemi-Bero, commended the forum’s timing.
He described the forum as
apt, adding that it was not only early in the year, but about how we can grow oil production.
He spoke of how indigenous operators have successfully increased oil production, citing his company’s achievement of 57,000 barrels per day output, from previously untapped fields.
Heirs Energies CEO, Osa Igiehon, reinforced this perspective by showcasing Heirs Energies’ impact in Nigeria’s onshore sector.
“Our success at Heirs Energies demonstrates what’s possible in Nigeria’s onshore sector, through our Brownfield Excellence Strategy, robust security measures, and genuine community partnership,” he said.
“By tripling our producing wells to over 100, we’ve shown how indigenous operators can efficiently unlock value, while ensuring sustainable development of their host communities,” he said.
Organisers of the Forum said the Petroleum Industry Leadership Dialogue also exemplified Heirs
Energies’ commitment to Mr Elumelu’s Africapitalism, the private sector’s transformative role in driving Africa’s economic and social development
through strategic, long-term investments hinged on partnership and collaboration.
Heirs Energies Limited is reputed to be Africa’s leading indigenous-owned integrated
energy company, committed to meeting Africa’s unique energy needs, while aligning with global sustainability goals.
With a strong focus on
innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contributes
to a more prosperous Africa.
Heirs Energies is a key implementor of Heirs
Holdings integrated energy strategy, Africa’s largest integrated energy
business, whose objective is to ensure Africans benefit directly from their continent’s resources.
Other participants at the forum included Executive Vice-President Upstream, NNPC Limited, Udobong Ntia and
CEO of Seplat Energy Plc, Roger Brown.
Speakers highlighted how a series of Presidential Executive Orders had radically reshaped the operating environment and catalysed industry growth.
They noted that indigenous oil and gas companies were now
responsible for more than 60 percent of Nigeria’s crude oil output and the successful indigenisation programme delivering a bold new
chapter in Nigeria’s natural resources history.
The Petroleum Industry Leadership Dialogue, which will become an annual event, brought together key stakeholders in the oil and gas
industry, including the MD of Shell Petroleum Development Company of Nigeria Limited, Osagie Okunbor; Managing Director of Aradel Holdings, Adegbite Falade and industry veteran and founder of
Platform Petroleum & Managing Director A.A Holdings, Austin Avuru, among others.
