Heir Energy's Landmark Acquisition and Growth in Nigeria

In January 2021, Heir Energy, under the leadership of investor and philanthropist Toni Elumelu, acquired a 45% stake in OML 17 from Shell, Total, and Eni, marking a significant entry into Nigeria's energy sector. By July 2021, Heir Energy took operational control and increased production from 27,000 barrels per day (bpd) to 50,000 bpd.

The company achieved this growth despite challenges such as the COVID-19 pandemic and oil theft, managing to reduce theft-related losses by 97%. By November 2021, Heir Energy initiated the Agbada gas project, which had been stagnant for decades, and by its third anniversary, the company was producing 50,000 bpd and supplying 100 million standard cubic feet of gas per day to the domestic market.

In December 2025, Heir Energy signed a landmark gas flare commercial agreement, supporting Nigeria's green energy transition. Elumelu also secured a $750 million financing package, the largest ever for a locally owned African production facility, further solidifying Heir Energy's position in the market.