Positioned to meet Nigeria’s new production targets

Nigeria

Oyindamola Adeyemi, chairperson of Tirex Petroleum & Energy, talks to The Energy Year about the company’s expanding footprint in Nigeria, its upstream focus and how it is strategically positioning itself to support national production targets. Tirex Petroleum & Energy offers drilling rigs, well construction and intervention services, as well as EPC solutions.

Could you provide us with an overview of the company’s footprint in Nigeria and its main focus in the upstream?
Tirex Petroleum & Energy was established in 2019 and is a fully indigenous oilfield services company with a strong focus on drilling and well intervention. Our vision is twofold: to become Nigeria’s most active domestic oil and gas service provider and to contribute meaningfully to the socioeconomic development of Nigerian communities.
Our operating philosophy is rooted in leveraging Nigeria’s three critical assets – its people, land and natural resources – to drive value creation.
As a subsidiary of Still Earth Holdings (which was founded in 2011), Tirex has made significant strides in building a market presence. We are currently in a strong financial position, with an annual turnover of approximately USD 17 million, and we continue to expand both our client portfolio and technical capabilities.
Our strategic priorities are centred on deepening our footprint in the upstream drilling sector and exploring asset acquisition opportunities.
Nigeria currently faces a notable infrastructure gap, particularly in asset utilisation. The federal government is working to close this gap through reforms aimed at shortening contracting cycles, improving process efficiency, ensuring continuity in contract execution and building infrastructure resilience to reduce downtime and associated costs.

How are initiatives such as the 1MMBOPD initiative, promoted by NNPC to increase oil production within the next 12 to 24 months, impacting the demand for drilling activities?
Initiatives such as the 1MMBOPD initiative are music to our ears. At Tirex, we are fully aligned with these efforts and eager to contribute to the national push for increased production. The rallying cry of “drill, baby, drill” truly captures the urgency of what Nigeria must do.
With the combined efforts of regulators, indigenous companies and international stakeholders, we must maximise the value of our hydrocarbon resources. An increase in drilling activity not only supports domestic production but also positively shifts global perception, encouraging further investment and expanding Nigeria’s reach on the global energy stage.
To meet these demands, strategic collaboration is essential. At Tirex, we follow a proven business model. We partner with original equipment manufacturers and asset owners with deep operational experience. These partnerships help us marry advanced technology with skilled manpower, driving efficiency and delivering results.
For indigenous companies to be competitive, collaboration is key, not because we lack the potential to stand alone but because strategic alliances allow us to benefit from decades of experience, financial strength and technical expertise. The right partnerships create a win-win scenario.
Local companies gain credibility, enhanced capabilities and brand prestige while international partners benefit from reduced lead times and lower operational costs through local execution.

Can you tell us about the company’s latest key undertakings, its plans and its mission?
Tirex is currently one of the most active drilling service providers in Nigeria, supported by strong partnerships, including our collaboration with Dubai-based Shelf Drilling, which secured new contracts for jack-up rigs in Nigeria in 2024.
Since our inception, we have successfully drilled 36 wells, a testament to our rapid growth and operational excellence. In May 2024, we embarked on a strategic mission to China focused on emerging offshore drilling technologies. This initiative underscores our commitment to innovation and reinforces our role as a thought leader in Nigeria’s upstream sector.
Looking ahead, we plan to invest between USD 80 million and USD 100 million over the next 24 months in strategic assets. These investments will prioritise workforce development to ensure our team is equipped to manage and maximise asset value efficiently.
Our long-term ambition is to elevate Tirex to a level where it stands alongside global industry leaders. We want to be mentioned in the same breath as SLB and Halliburton, which are synonymous with excellence, reliability and industry leadership in Nigeria and beyond.

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