Key points

• Heirs Energies revived over 100 dormant wells at OML 17.

• The company expanded gas supply to Nigeria’s domestic market.

• Leaders target 100,000 barrels per day in production.

Heirs Energies, led by Nigerian investor Tony Elumelu, has revived more than 100 dormant wells at OML 17 in the Niger Delta, a move that has lifted oil deliveries to nearly 100 percent.

The company, which operates the block through its upstream arm, says it is now on course to hit a production target of 100,000 barrels per day.

Chief Executive Officer Osa Igiehon told reporters the turnaround began soon after the company took over.

“When we took over, fewer than 30 wells were flowing,” he said. “We’ve since revived around 40 in the early phase alone, and one well that had been idle for 37 years came back online last week.”

The restart, he added, was less about engineering and more about community engagement.

Local issues had kept the well stranded for decades until the company struck agreements with host communities.

OML 17 revival strengthens local gas supply

According to a report by Billionaires.Africa, the gains extend beyond oil. Heirs Energies has also scaled up domestic gas output, commissioning the Agbada non-associated gas plant and ramping supply to more than 100 million standard cubic feet per day.

“In the East, we’re now the largest supplier of domestic gas,” Igiehon said.

“We feed four power plants and several industrial customers around Port Harcourt. None of that gas is for export—it all goes into the local market.”

This focus on domestic supply, executives said, fits with Elumelu’s long-running call for “Africapitalism,” which emphasizes business growth tied directly to economic development across Africa.

Targeting 100,000 barrels a day

The company’s leadership has set a clear goal of reaching 100,000 barrels per day. To get there, they plan more well re-entries, selective drilling, facility upgrades, and tighter security along evacuation routes.

Executive Director and Chief Financial Officer Sam Nwanze said the field has already swung from consistent losses to near-full terminal delivery. The challenge now is to sustain that progress.

For years, OML 17 was seen as a struggling asset. Today, Heirs Energies is presenting it as a scalable hub with oil and gas potential.

If production levels hold, each extra barrel will have a better chance of reaching market—critical for margins and cash flow.