The CEO of Heirs Energies, Osayande Igiehon, has provided advice to the Republic of Congo regarding their strategy to increase oil production to 500,000 barrels daily.
Igiehon addressed African energy leadership during the first-ever Congo Energy & Investment Forum, which took place recently in Brazzaville.
Discussing topics such as ‘Energy & Investment Outlook’ and ‘Field Development Push: Toward 500,000 Barrels Per Day,’ Igiehon presented actionable tactics for the Republic of Congo to expedite progress towards reaching its aspirational daily production objective of 500,000 barrels.
He stated, “In just three months after taking over OML 17 from the former operator in 2021, our output increased twofold from 25,000 to more than 50,000 barrels per day.”
“Today, we consistently sustain this growth, aiming to surpass 100,000 barrels per day – something previously unachieved on this block. The same approaches can help Congo maximise production from its mature fields.”
He pointed out that the firm had successfully increased its gas output twofold to between 80-100 million standard cubic feet each day, which significantly aids Nigeria’s local electricity generation and industries.
He highlighted Heirs Energies’ Brownfield Excellence strategy as a model for swift output expansion that could be applied to Congo’s established energy resources, aiding the country in achieving its production targets.
The forum, organized by Energy Capital & Power in conjunction with the Republic of Congo’s Ministry of Hydrocarbons, gathered government representatives, industry experts, and financiers to explore tactics for boosting energy advancement throughout Africa.
Igiehon also highlighted the significance of Africapitalism — a concept introduced by Tony Elumelu, the chairman of Heirs Holdings — as a key framework for energy development that fosters shared prosperity.
He stated, “Guided by our chairman Tony Elumelu’s Africapitalism ideology, we prioritize private sector initiatives that foster shared prosperity and enhance livelihoods throughout Africa. This embodies the ethos of the Heirs Holding Group.”
This approach is illustrated by the Tony Elumelu Foundation, which recently pledged $15 million to support 3,000 business owners throughout all 52 African nations. Having initiated operations in 2015 with a $100 million pledge, the foundation has since enabled over 24,000 entrepreneurs—significantly surpassing its original objective—which has spurred employment generation and economic growth across Africa.
Osa also emphasized Heirs Energies’ commitment to operational excellence and their skills in turning around businesses, stating, “Our focus lies in rejuvenating established assets spanning various industries—from notable projects like the Transcorp Hilton Abuja within the hospitality sector—to substantial impacts on power generation and distribution. We aim at enhancing efficiency and fostering sustainable growth.”
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