Key stakeholders in Nigeria’s oil and gas industry gathered at the Transcorp Hilton Abuja for the inaugural Heirs Energies Petroleum Industry Leadership Dialogue, a forum convened to accelerate oil production growth and enhance collaboration between the public and private sectors.
Organized by Heirs Energies, a subsidiary of Heirs Holdings, the event brought together top industry executives and policymakers, including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Chief Commission Executive, NUPRC, Engr. Gbenga Komolafe; OPEC Board of Governors Chairman for Nigeria and CEO, First E&P, Ademola Adeyemi-Bero; Executive Vice President Upstream, NNPC Limited, Udobong Ntia; and CEO of Seplat Energy Plc, Roger Brown. The dialogue was moderated by Osa Igiehon, CEO of Heirs Energies.
Nigeria’s Oil Production on the Rise
With Nigeria’s crude oil production increasing by 25% since May 2023, industry leaders at the forum credited recent Presidential Executive Orders for reshaping the operating environment and catalyzing industry growth. They highlighted that indigenous oil and gas companies now account for over 60% of Nigeria’s crude output, underscoring the success of the country’s indigenization efforts in the energy sector.
In his opening remarks, Tony Elumelu, Founder and Chairman of Heirs Holdings and Heirs Energies, praised the government’s role in reviving the sector and outlined Heirs Energies’ vision for Africa’s energy transformation.
“Production growth, ambitious and sustained, is our shared national mission. As an investor in resources, power production, and distribution, we must ensure Nigerians benefit from our natural wealth. As we build Africa’s largest integrated energy business, innovation and collaboration will be central to our success,” Elumelu said.
Since its establishment four years ago, Heirs Energies has expanded its hydrocarbon production from 21,000 to over 50,000 barrels per day through strategic investments and operational efficiencies.
New Production Targets Set for 2025
The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, commended Heirs Energies for initiating the dialogue and announced that Nigeria’s oil production reached 1.8 million barrels per day in January 2025, with an ambitious goal to hit 2.5 million barrels per day by year-end. He reaffirmed the government’s commitment to the “drill or drop” policy to accelerate production.
NUPRC’s Engr. Gbenga Komolafe emphasized the importance of industry collaboration, revealing that the number of active drilling rigs had surged to 38, with expectations to reach 50 by March 2025.
Indigenous Companies Driving Growth
The forum underscored the crucial role of indigenous operators in boosting production. Ademola Adeyemi-Bero, OPEC Board of Governors Chairman for Nigeria and CEO of First E&P, highlighted how local companies were successfully tapping previously undeveloped fields, citing his company’s milestone of producing 57,000 barrels per day.
Heirs Energies CEO, Osa Igiehon, also shared insights on how the company had tripled its producing wells to over 100, leveraging a Brownfield Excellence Strategy, robust security measures, and community partnerships to enhance efficiency and sustainability.
A New Era for Nigeria’s Energy Industry
The Petroleum Industry Leadership Dialogue, set to become an annual event, reinforced Heirs Energies’ commitment to Africapitalism—a vision championed by Tony Elumelu, advocating for long-term private sector investments that drive economic and social development.
With a focus on environmental responsibility and gas as a transition fuel, the forum showcased how Nigeria’s oil and gas sector is evolving to meet both national and global energy demands.
By fostering stronger collaboration between government regulators and private operators, the event marked a significant step toward ensuring that Nigeria’s oil wealth translates into broad economic prosperity for its citizens.
