Heirs Energies Secures $750 Million to Boost Oil Production in Nigeria

Heirs Energies, one of Nigeria's independent energy firms, has secured a credit facility worth $750 million from the African Export-Import Bank (Afreximbank) to support its expansion plans and increase oil production in the coming years.

According to a statement from the company, the financing agreement was signed on December 20, 2025, with the Cairo-based bank. This funding will enhance the company's financial position, improve liquidity levels, and provide greater flexibility to accelerate field development and increase production efficiency.

Production Expansion and Long-Term Plans

Heirs Energies operates the OML 17 oil block, which it acquired from Shell in 2021, as part of a wave of exits by global energy companies from onshore fields in Nigeria. The company previously announced plans to double its production by 2030 to approximately 110,000 barrels per day, up from the current level of about 55,000 barrels per day, along with expanding its operations into other African markets.

Supportive Operating Environment for Local Companies

This funding comes at a time when independent oil companies in Nigeria are experiencing rapid expansion, benefiting from an improved operating environment and acquiring onshore assets previously owned by international firms that are currently focused on deep-water investments.

Other companies like Seplat Energy, Oando, and Renaissance Africa Energy are working to reactivate dormant wells and inject new investments into drilling and infrastructure to boost Nigeria's crude oil production and strengthen its role in the African energy market.

Analytical Insight

The financing deal reflects a growing trend toward empowering local African companies to play a larger role in the energy sector amid shifting global investment landscapes and increasing reliance on regional banks and institutions to finance strategic energy projects.