Nigerian Billionaire's Company Promises To Revive 100 Oil Wells in 100 Days
- Heirs Energies, one of the companies by billionaire Tony Elumelu, has announced plans to revive dormant oil wells
- The company said it will do this within 100 days, which will come as a major boost for Nigeria's oil production
- Hiers Energies, a subsidiary of Heirs Holdings, is the sole operator of OML 17 in the Niger Delta oil region
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian integrated oil company Heirs Energies wants to reactivate more than 100 dormant wells in Oil Mining Lease (OML) 17 within 100 days of taking over operations.
OML 17 is a major oil mining lease located in the Niger Delta region of Nigeria, near Port Harcourt.
Source: Getty Images
Big boost for crude oil production
The company has pledged to boost crude oil production from the oil wells to 100,000 barrels per day in the near future.
Osa Igiehon, Chief Executive Officer of Heirs Energies who disclosed this while briefing journalists on the progress made since the company took over OML 17.
He highlighted how it transformed the OML 17 from an underperforming asset at takeover to a high-performing asset with over 95-100% terminal delivery.
He revealed that not up to 30 wells were producing, DailyTrust reports.
According to him, the company has revived 40 wells, including one that had been shut down for 37 years, which was restored just last week.
He said:
“When we took over OML 17, fewer than 30 wells were producing. Today, we have revived over 40, including one that was shut for 37 years due to security and community issues.
“We are poised and positioned for growth. We work in an integrated energy space which includes renewables. Our ambition is to grow production to 100,000 barrels a day. That’s the journey. But it is not going to be an easy journey but we are determined.”
Source: UGC
Heirs Energies gas supply
Heirs Energies, which also supplies domestic gas, said it is currently the largest supplier in Nigeria’s southeast, providing gas to four power plants and several industries in the Port Harcourt area, ThisDay reports.
Igiehon said.
“All our gas goes into the domestic market. We are very proud of that.
“In the Eastern part of Nigeria, we are the largest suppliers of domestic gas into the market. We supply gas to four power plants.
"So most of that axis, the gas comes from us and also for all the industries in the Port Harcourt area. So it is not gas for export, all our gas goes into the domestic market, we are very proud of that."
Nigerian company discovers new oil reserve
Earlier, Legit.ng reported that MSM Group has announced the discovery of an oil reserve valued at more than $15 billion in one of its assets
The company said the oil reserve was not even known to the Nigerian National Petroleum Company Limited (NNPCL).
Mairawani also credited President Bola Tinubu’s foresight for the Group’s breakthrough in the oil and gas sector.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
