Billionaire Banker, Tony Elumelu’s Heirs Energies Doubles its Crude Oil Production to 50,000 BPD to Improve Oil Sector Security
Nigeria’s billionaire banker, Tony Elumelu, has seen his oil production company, Heirs Energies, steadily increase its crude oil production output from 25,000 bpd to 50,000 bpd within its first five years of operation.
This achievement was disclosed by the company, which said its growth has been a significant boost in the oil and gas sector’s security.
According to Heirs Energies, during its performance review, it stated that it has revived nearly over 100 oil wells without having the need to drill more wells or install additional facilities for it.
Rather, Heirs focused on the complete and comprehensive rehabilitation of the inherited production oil assets as well as the application of its proprietary brownfield optimization approach.
Adding to that, the company also stated that in those five years of operations, it has maintained a safety floor of 85% uptime on pumps that are over 65 years old, reflecting operational efficiency and asset integrity.
In January 2021, Heirs Energies bought a 45% stake in an Oil Mining License (OML) and started its operatorship 5 months later in July 2021.
More achievements for the Tony Elumelu-led company can also be seen in its gas production outputs, which rose from less than 50 million standard cubic feet per day (MMSCF/d) to over 120 MMSCF/d within the same period.
The rise in gas production and supply to the local markets also saw a concurrent increase in electricity generation from 100 MW to 325 MW.
Commenting on Heirs Energies’ achievement in the oil sector, Chairman Tony Elumelu described it as the wonders of Africapitalism at work, where African-owned businesses make profit and at the same time provide real economic and social value.
Moving beyond its production growth, Heirs Energies also stated it played a crucial role in driving a coordinated national response to crude oil theft, helping improve terminal delivery levels from as low as 3 percent in December 2021 to above 95% from 2025 onward.
NaijaEyes also recalls that Heirs Energies, in a strategic move, recently bought a 20% stake in Seplat Energy at the close of December 2025, posing as the company’s largest stakeholder.
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