FG urged to ramp up oil, gas production

The Chief Executive Officer of Heirs Energies, Mr. Osa Igiehon, has called for renewed urgency in ramping up Nigeria’s oil and gas production amidst global energy transition pressure.

Speaking at a media parley with energy journalists in Lagos, Igiehon pointed out that the country must maximise its hydrocarbon resources before the global energy transition reduces their value.

Weighing in on the debate around reserves versus production, the CEO warned that Nigeria risks underutilizing its vast resources if it fails to accelerate output in the face of the global transition to renewable energy.

He said, “Reserves are important, but production is what creates value. If you calculate Nigeria’s reserves-to-production ratio, it shows we still have decades of supply. The real question is: are we producing enough to monetise these resources before they lose value?”

He pointed out that the country’s economic future is closely tied to oil and gas, adding that Nigeria must make increased production an urgent national priority.

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“The imperative for Nigeria (short-term and long-term) is to grow production. Every dollar should go into unlocking and producing more, because that is where both immediate revenues and long-term sustainability lie,” Igiehon said

The Heir Energies CEO lauded the recent government reforms, including improved pipeline security and presidential directives, saying they’ve transformed the industry’s operating environment.

According to him, Nigeria is currently experiencing its most favourable period for oil and gas operations, crediting today’s improved climate to the Petroleum Industry Act (PIA) and security interventions that have restored confidence in the sector.

Talking about his company, Igiehon disclosed that about 85 to 90 percent of its gas output is dedicated to the domestic market, positioning Heirs Energies as the leading supplier of domestic gas in eastern Nigeria.
“We supply gas to four major power plants: Trans Afam, FIPL, G-PAL, and Geometric, and also serve industrial clusters in the Port Harcourt area. None of our gas is exported. All of it goes into Nigeria’s economy, powering homes, industries, and businesses. We are very proud of that,” he said

This commitment, he said, aligned with the company’s vision of creating value not only for its shareholders but also for communities, partners, and the nation.

Reflecting on past challenges faced by the company, he described 2021 as a near-death experience for the company and the wider industry.
“At the worst point, in December 2021, we were receiving only about three percent of our production at the terminal. It was an existential threat.

“Today, we are receiving close to 100 percent of our products at the terminal. This kind of turnaround has not been seen in decades, and it is proof of what is possible with the right policies and commitment,” he said

“When we took over operations in 2021, many people doubted our ability to deliver. Within the first 100 days, we reactivated several wells and almost doubled production,” the CEO added.

Citing the recent revival of a well that had been shut down for 37 years as an example of Heirs Energies’ determination, he said: “There was nothing technically wrong with the well. The issues were security and operational. By resolving them, we proved what resilience and partnership can achieve.”

Highlighting the company’s milestones, challenges, and outlook for the future, Igiehon described the media parley as a deliberate step to strengthen collaboration between Heirs Energies and the media, acknowledging journalists’ role in shaping public understanding of the sector.

Looking ahead, Heirs Energies revealed its intent to expand operations into other African markets, including Namibia, Senegal, and Angola. The company aims to apply its Brownfield Excellence (BFE) model across the continent—reviving legacy assets through indigenous capacity, operational discipline, and community partnership.

Executive Director and CFO, Sam Nwanze, took journalists through a detailed presentation titled “The Heirs Energies Story: From Vision to Impact.”

The presentation covered the company’s founding vision, the OML 17 acquisition journey, production and gas milestones, community investments, and the company’s aspirations across Nigeria and Africa.