The OML 17 was an underperforming asset upon takeover, but Heirs Energies demonstrated yesterday how it was converted into a high-performing asset with over 95–100% terminal delivery.
Within 100 days of the investment, more than 100 inactive wells were reactivated, and output increased.
This comes right after the integrated oil company promised to meet its production goal of 100,000 barrels per day as soon as possible.
This was revealed at a press conference yesterday by Heirs Energies, the only operator of OML 17 in the Niger Delta region of Nigeria. Heirs Energies is a division of Heirs Holdings, which was established by Tony Elumelu, a well-known African billionaire and entrepreneur.
Osa Igiehon, the CEO of Heirs Energies, recounted at the briefing how the company did not produce up to 30 wells when it took over the OML 17.
He did, however, reveal that the company had resurrected 40 wells, including one that had been abandoned for the previous 37 years but had only been resurrected last week.
Technically speaking, he said, there was nothing wrong with the well; instead, it was beset by security and community problems, which the business managed to fix to bring it back to life.
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