Heirs Energies CEO hails unprecedented recovery in Nigeria’s oil sector
The Chief Executive Officer of Nigerian integrated energy company, Heirs Energies Limited, Osayande Igiehon, has said that the nation’s oil industry is witnessing a level of recovery and stability not experienced in decades.
Speaking at a media parley on Thursday, Igiehon recalled that in December 2021, his company, which operates Oil Mining Lease (OML) 17, could only deliver about three percent of its crude oil production to terminals due to severe operational challenges.
He noted that the situation has since improved remarkably, with the company now able to transport nearly 100 percent of its production to terminals, following government intervention and enhanced security measures.
“What we faced was not just a challenge, but a near-death experience,” Igiehon said. “In December 2021, we only got 3 percent of our produce to the terminals. Today, we get close to 100 percent. It’s a remarkable transformation; it has not been seen in decades.”
His remarks came days after Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, announced that the country had achieved almost full pipeline and terminal crude oil receipts with the support of security forces and intelligence agencies.
Igiehon, who has worked in the industry for over three decades, said the sector is now operating under the best conditions he has seen in his career. “If you look at all the conditions, there is no time better than now for the oil and gas industry,” he added.
The Heirs Energies CEO also acknowledged the impact of recent government directives and policies, stressing that the industry is benefiting from fundamental reforms carried out in the right environment.
He concluded that the turnaround in Nigeria’s oil sector demonstrates what is possible for onshore operations and offers renewed optimism for the country’s energy future.
