Nigerian oil and gas firm Heirs Energies is exploring investment opportunities in Namibia’s oil and gas sector as part of its pan-African growth strategy, Chief Executive Officer Osa Igiehon has said.
Speaking at the Namibia Oil and Gas Conference, Igiehon said Namibia had been identified as a key emerging market for the company.
“Where does Namibia fit in for us? We acquired the asset (OML 17) in 2021 and have brought it to a very good place. All the fundamental issues have been addressed, and it has been restored to a level of sustained productivity. With this experience, we are confident in expanding our capabilities across Africa,” he said.
Heirs Energies plans to leverage its experience from top-performing Nigerian assets to assess potential partnerships and operational models in Namibia.
“In building our Africa playbook, we are looking at all major business markets, both existing, mature, and emerging. Namibia is one of the key emerging ones. After this first visit, we will synthesise what we have seen and learnt to frame exactly how we will approach our next steps in the country,” Igiehon said.
The company, which has built a track record in asset revitalisation, innovation and governance, pointed to its success in turning around Nigeria’s OML 17 as evidence of its operational capability.
The onshore field, near Port Harcourt, spans about 1,300 square kilometres and includes six flow stations, two associated gas gathering facilities and two non-associated gas plants.
OML 17, in production since the late 1950s, peaked at 120,000 barrels of oil equivalent per day (boe/d) in the 1970s and currently produces more than 40,000 boe/d. It holds 2P reserves of 1.2 billion boe, with an additional 1 billion boe in exploration potential.
