The founder of Heirs Energies, Mr. Tony Elumelu has harped on the need for Nigeria to increase its oil production to generate revenue for economic diversification.
At the Heirs Energies leadership forum in Abuja, Elumelu stated the importance of investing in the oil and gas sector to support industrial growth and ensure energy security.
‘We cannot industrialise Africa, especially Nigeria, without improving access to energy and electricity’, Elumelu said.
He disclosed that Heirs Energies acquired OML 17 from Shell about four years ago and currently produces over 53,000 barrels of oil per day, making it one of Nigeria’s leading indigenous oil and gas producers.
Elumelu noted that under former President Muhammadu Buhari, Nigeria’s oil production fell below one million barrels per day.
He acknowledged the improvement under President Bola Tinubu’s administration, with production now at 1.8 million barrels daily. Still, Elumelu believes the country should aim for over two million barrels per day to generate the revenue needed to diversify the economy and develop the nation.
Addressing challenges in the power sector, Elumelu pointed out that gas supply constraints are limiting electricity generation.
He noted that Transcorp, one of Nigeria’s power-generating companies with a capacity of 2,000 megawatts, faces challenges due to insufficient gas supply. To address this, Heirs Energies plans to increase gas production alongside oil production.
Elumelu revealed that Heirs Energies is expanding its oil production capacity to reach 100,000 barrels per day in the coming years. ‘Even though 53,000 barrels is not enough, we are working on increasing production. With the support of policymakers and collaboration within the industry, we are confident that we can achieve this goal’, he said.
Elumelu expressed optimism that the company can meet its targets with the incentives and executive orders introduced by President Tinubu’s administration, which have brought significant changes to Nigeria’s oil and gas sector.
Speaking at the forum, CEO of Heirs Energies, Osa Igiehon noted positive shifts in the oil and gas industry, including Nigeria’s production of 1.7 million barrels per day in January 2025. He argued that with recent divestments, indigenous companies now control over 50 to 60 per cent of Nigeria’s oil production, signalling a shift toward local ownership and growth.
‘As indigenous companies take on a larger share of production, we must embrace the challenge and deliver results for the Nigerian people’, Igiehon said, stressing the company’s commitment to accelerating growth in the industry.
