Heirs Energies Boosts Oil Production As Gas Supply Rises 5%

Indigenous oil and gas exploration company, Heirs Energies has reaffirmed commitment to boost investment in the sector highlighting its growth opportunities in the questions to help advance the country’s energy transition.

Since assuming operatorship in 2021, the Company has more than doubled oil production to over 50,000 barrels per day and tripled gas production to over 135 million standard cubic feet per day.

The company says it contributes approximately 5 per cent of Nigeria’s oil production and 5 per cent of domestic gas supply, helping to advance energy security, economic growth and sustainable development across Africa.

The firm operating a prolific oil and gas (OML 17) field in the country is set to make significant progress in its oil field development after a landmark US$750 million dual-tranche Senior Secured Reserve-Based Lending (RBL) facility.

The facility has been named Best Oil & Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026.

The award was presented on 3 June 2026 in London and recognises one of the largest financings secured by an indigenous African energy company.

Executed with the African Export-Import Bank (Afreximbank), the US$750 million financing was structured to accelerate field development, optimise production, and support Heirs Energies’ long-term growth ambitions, while maintaining disciplined capital management.

Commenting on the recognition, Osa Igiehon, Chief Executive Officer of Heirs Energies, said: “This recognition reflects the confidence that African and international financial institutions continue to place in Heirs Energies, our strategy, and our long-term vision.

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade.

For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa.

A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA.

Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA.

At the end of December 2025, Afreximbank’s total assets and contingencies stood at over US$48.5 billion, and its shareholder funds amounted to US$8.4 billion. Afreximbank has investment grade ratings assigned by China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), GCR (A), Japan Credit Rating Agency (JCR) (A-), and. Moody’s (Baa2).

Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure.