Heirs Energies has announced plans to double its crude output by 2030 while pursuing expansion opportunities across Africa.
This was made known by Chief Executive Officer Osa Igiehon during an interview with Bloomberg at the Namibia Oil & Gas Conference (NOGC) 2025.
The company has boosted production from its crown asset, a permit known as Oil Mining Lease 17 that it purchased from Shell Plc in 2021, to as much as 55,000 barrels a day from around 27,000 a day earlier, Igiehon said.
Igiehon said the company plans to almost double output again through additional drilling and upgrades in the next five years, he said.
“At the same time, we’re looking at growing the business in Nigeria and also growing in Africa,” Igiehon added.
“I think we would typically enter a play with a mature asset and then grow more upstream,” he said, adding that ultimately such an expansion will be “opportunity-led.”
“We’re proving that African companies don’t just participate in the global energy market – we lead it. When you combine African innovation with world-class execution, you create something powerful”, Igiehon said ahead of the NOGC.
What this means
The targets are another example of the growth of smaller independent oil companies in Nigeria, which are relying ever more on local producers as big international firms exit some fields.
While focusing on the assets that they’ve taken over in the country, the smaller producers are also using their experience to look for expansion across the continent and overseas.
What you should know
In July, the Organisation of the Petroleum Exporting Countries (OPEC) projected a potential shortfall of 23 million barrels per day (bpd) in global oil supply by 2030 if upstream investments fall short of the estimated $17.4 trillion needed to meet future demand.
Heirs Energies Limited is one of Africa’s leading indigenous-owned integrated energy companies, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals.
Having a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contributes to a more prosperous Africa.
The Namibia Oil and Gas Conference was founded in 2023 in response to growing calls from civil society for direct access to the oil and gas sector.
The conference is hosted by the Economic Association of Namibia (EAN), in partnership with the Namibia Investment Promotion and Development Board (NIPDB) and the Hanns Seidel Foundation (HSF), with the strategic partnership of the National Petroleum Corporation of Namibia (NAMCOR).
