By Abiodun JIMOH
Nigeria’s oil production agenda received a significant boost as Heirs Energies, Africa’s fastest-growing indigenous energy company, hosted its inaugural Petroleum Industry Leadership Dialogue at the Transcorp Hilton Abuja. The high-profile gathering brought together public and private sector leaders to address key challenges and opportunities in accelerating the country’s crude output.
Moderated by Osayande Igiehon, CEO of Heirs Energies, the forum featured top industry figures, including Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Chief Commission Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe; OPEC Board of Governors Chairman and CEO of First E&P, Adewale Adeyemo-Bero; Executive Vice President, Upstream, NNPC Limited, Udobong Ntia; and Seplat Energy CEO, Roger Brown.
Government Policies Fueling Production Growth
With Nigeria’s oil production reaching 1.8 million barrels per day in January 2025, Senator Lokpobiri reaffirmed the government’s commitment to hitting a 2.5 million bpd target by year-end. He credited the success to the administration’s “drill or drop” policy, which mandates operators to either increase drilling activity or forfeit undeveloped assets.
Speakers at the forum acknowledged that Nigeria’s crude production has grown by 25% since May 2023, largely due to Presidential Executive Orders that improved the regulatory and operational landscape. The role of indigenous oil and gas companies was also highlighted, with these firms now contributing over 60% of the country’s total crude output.
Tony Elumelu’s Vision for Africa’s Energy Future
In his opening remarks, Tony Elumelu, Chairman of Heirs Holdings and Heirs Energies, praised the government’s role in reinvigorating the sector. He reaffirmed Heirs Energies’ mission to transform Africa’s energy landscape through indigenous leadership, innovation, and sustainable development.
“Production growth, ambitious and sustained, is our shared national mission. Heirs Energies is proud to bring together industry leaders and government partners to drive this vision. As we build Africa’s largest integrated energy business, collaboration remains at the heart of our success.”
Indigenous Operators Driving the Future
The dialogue emphasized how indigenous oil firms are redefining Nigeria’s upstream sector. OPEC Board of Governors Chairman, Adewale Adeyemo-Bero, noted that companies like First E&P have tapped into previously underutilized assets, pushing production to 57,000 barrels per day.
Heirs Energies, through its Brownfield Excellence Strategy, has increased production from 21,000 to over 50,000 barrels per day in just four years. CEO Osayande Igiehon highlighted how community partnerships, robust security measures, and investment in local capacity have driven this success.
“By tripling our producing wells to over 100, we have demonstrated how indigenous operators can efficiently unlock value while ensuring sustainable development in host communities.”
Industry Leaders Call for Sustained Collaboration
NUPRC’s Chief Executive, Engr. Gbenga Komolafe, described the forum as a critical step in aligning public and private sector efforts to achieve national production goals. He noted that active drilling rigs have increased to 38, with projections to reach 50 by March 2025.
With key industry stakeholders—including MD of Shell Petroleum Development Company, Osagie Okunbor; Aradel Holdings MD, Adegbite Falade; and Platform Petroleum Founder, Austin Avuru—in attendance, the forum reinforced a collective industry commitment to responsible resource management, investment, and job creation.
A New Era for Nigeria’s Oil Sector
The Petroleum Industry Leadership Dialogue will now be an annual event, serving as a strategic platform for industry-wide collaboration. The discussions underscored that with the right policies, strong private sector engagement, and continued investment in indigenous capacity, Nigeria can unlock its full oil and gas potential while ensuring economic growth, energy security, and sustainability.
