Heirs Energies Crude Output Soars to 55,000bpd Amid Improved Security and Reforms

Nigerian oil company Heirs Energies has significantly increased its crude oil production over the past five years, rising from 25,000 barrels per day to 55,000bpd. In a recent statement, CEO Osayande Igiehon attributed this growth to improved security, fiscal reforms under the Petroleum Industry Act, stronger engagement with host communities, and increased participation of indigenous firms across the oil and gas value chain.

According to Igiehon, Heirs Energies' production has more than doubled since it assumed operational control of its assets in 2021. The company is now producing over 100 million standard cubic feet of gas per day. Improved pipeline security has also enabled Heirs Energies to significantly increase the volume of crude delivered to its export terminal.

The CEO noted that indigenous oil companies now account for more than 60% of Nigeria's crude oil production, compared with between 20 and 30% before the COVID-19 pandemic. Igiehon warned, however, that achieving the Federal Government's three million barrels per day production target would require increased investment and technical capacity.

He identified the limited scale of Nigerian oilfield service companies as one of the major constraints to further industry growth. Igiehon called for strategic consolidation, improved financing arrangements, and greater collaboration among indigenous operators to build the capacity required to support higher crude oil production and strengthen Nigeria's position in the global energy market.