Heirs Energies Cuts Oil Theft Losses to 2%, Boosts Profits

Tony Elumelu, chairman of Heirs Holdings, reported a significant reduction in oil theft losses at Heirs Energies, dropping from 97% to 2%. This turnaround has restored profitability and improved access to dollars without needing connections at the Central Bank of Nigeria (CBN).

Elumelu stated that until 2023, Heirs Energies was losing nearly all its oil production to theft, but by June 2026, the company retained 98% of its output. Heirs Energies took operational control of Oil Mining Lease 17 in July 2021, with theft-related losses peaking at 97% late that year.

By 2024, losses had fallen to less than 15%. Elumelu indicated that production now exceeds 58,000 barrels of crude oil daily, aided by financing from the African Export-Import Bank and African Finance Corporation.

National crude production averaged 1.56 million barrels per day in June, the highest since April 2020, although the overall oil-theft rate in Nigeria cannot be inferred from Heirs Energies' figures.