Tony-Elumelu-Chairman-Heirs-Holdings

Nigeria’s Heirs to triple oil block output

LAGOS, February 3, 2021 – Nigerian independent Heirs Oil & Gas plans to triple output at OML 17, an oil block it recently acquired from Shell and partners.

In January, Heirs completed the purchase of a 45% operating stake in OML 17 from Shell, Total E&P Nigeria, and Eni.

 

The deal, worth USD 1.1 billion, is set to transform the Nigerian player into one of the country’s major independents. It comes as part of a wave of divestments from IOCs, as they shift focus to Nigeria’s deepwater plays.

OML 17 currently produces 27,000 boepd from 2P reserves estimated at 1.2 billion boe. Heirs plans to raise this figure to more than 100,000 boepd – the licence’s peak output under Shell.

“Our focus is to try to take this asset back to its peak production levels within a reasonable timeframe,” Heirs CFO Samuel Nwanze told Bloomberg in a report published on Tuesday.

 

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