Billionaire Tony Elumelu's Company Set to Hit 100,000 Barrels of Oil Production Daily
- Local refineries like the Dangote and Edo Refineries will soon have more options of where to purchase crude oil from
- A Nigerian oil and gas company owned by Tony Elumelu is now set to hit 100,000 bpd of crude production from its oil fields
- The company CEO unveiled the plans at an international energy and investment forum
CHECK OUT: Education is Your Right! Don’t Let Social Norms Hold You Back. Learn Online with LEGIT. Enroll Now!
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
As the federal government of Nigeria continues the drive towards increasing crude oil production, Heirs Energies is staking its place among the top producers.
Since acquiring the OML 17 from the former owner, Heirs Energies has moved its production from 25,000 barrels per day, past N50,000 bpd and now targeting 100,000 barrels per day.
Chief Executive Officer (CEO) of Heirs Energies, Osayande Igiehon, disclosed these plans while speaking at the inaugural Congo Energy & Investment Forum held in Brazzaville.
Source: Getty Images
While delivering insights on African energy leadership at the forum, Igiehon notes that the approach Heirs Energies employed to consistently grow its oil production could be replicated in Congo to maximise production in its mature fields, and drive the country closer to achieving its 500,000 bpd target.
Co-organized by Energy Capital & Power and the Republic of Congo’s Ministry of Hydrocarbons, the forum had business leaders, investors and government officials across Africa gather at the Kintele Congress Center to speak on ‘Energy & Investment Outlook’ and ‘Field Development Drive: Towards 500,000 Barrels Per Day.’
CEO shares Heirs Energies' production plans
Igiehon shared some of the practical strategies applied by Heirs Energies to accelerate its crude oil production, and also double gas production to 80 – 100 million scf per day, according to Leadership news.
Mr. Osayande Igiehon explained the Heirs Energies Brownfield Excellence approach, which has served as its blueprint for rapid production growth.
He noted that Africapitalism, as championed by Tony Elumelu, drives private sector participation in these goals, and creates solutions that improve lives across Africa.
Recall that the founder of Heirs Energies, Tony Elumelu, was recently appointed to the International Monetary Fund (IMF) advisory council on entrepreneurship, on the backdrop of his Africapitalism philosophy.
In addition to training and mentoring young African entrepreneurs, Elumelu will also now collaborate with global leaders to remove the barriers to entrepreneurship.
Nigeria to achieve 2 million bpd
Nigeria's government is set to achieve the 2 million barrels per day production of crude oil shortly, and President Bola Tinubu has set a target.
Source: Getty Images
Speaking about this target, Nigerian Billionaire, Tony Elumelu, stated that it was a matter of urgency.
He noted that if Nigeria crosses the 2 million barrels mark, there would be sufficient funds to drive development in other sectors of the economy.
Heirs Energies to hit 100,000 bpd
In related news, Tony Elumelu declared that Heirs Energies would achieve 100,000 barrels per day in 2025.
Speaking at the 2025 Heirs Energies’ Petroleum Industry Leadership Forum, Elumelu explained that the forum was organised to draw the roadmap from 53,000 bpd to 100,000 bpd.
He expressed confidence that the company will hit this target, with strong collaborations with other industry leaders and policymakers, and with the incentives provided by the federal government.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
