Heirs Energies has signed a $750m financing agreement with Afreximbank to support long-term growth of its OML 17 operations, in what is one of the largest facilities secured by an indigenous African energy company.
The deal was formalised at a ceremony in Abuja attended by Heirs Energies chairman Tony Elumelu and Afreximbank President George Elombi. The agreement underscores lender confidence in the Nigerian firm, which four years ago pursued what was seen as a contrarian strategy in the country’s oil sector.
In 2021, Heirs Energies (then TNOG) acquired Shell’s 45% stake in OML 17 for $1.2bn. The transaction, largely financed by Afreximbank and Standard Chartered Bank, enabled the company to restore production rather than pursue frontier acreage.
“We are one of the three lowest-cost operators in Nigeria. We’ve had the highest oil production growth in Nigeria in the five-year period of 2020-2024. We have built a champion in OML 17,” chief executive Osa Igiehon said.
Since taking operatorship, Heirs has doubled production and implemented a transformation programme focused on asset integrity and efficiency. Elumelu described the new financing as “a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital”.
Elombi said Afreximbank was proud to support Heirs Energies at “this pivotal stage”, citing confidence in its leadership and asset base.
OML 17 holds 1.2 billion barrels of proven reserves and an additional 1 billion barrels in contingent resources. Current output exceeds 50,000 barrels per day and 120 million cubic feet of gas, all supplied to Nigeria’s domestic market.
Heirs operates the block with a 45% stake alongside NNPC’s 55%. The company said the new facility will accelerate field development and optimise production, positioning it for sustained growth.
Afreximbank has previously financed major Nigerian projects including Dangote Refinery, Oando, BUA, Geometric Power’s Aba IPP, and has committed to Nigeria’s first floating LNG project. It is also helping establish a $5bn African energy bank in Abuja, with a $1.25bn commitment.