Heirs Energies says the international recognition of its US$750 million financing transaction highlights growing investor confidence in indigenous African energy companies and the increasing role of African financial institutions in funding large-scale energy projects.
The company’s Chief Executive Officer, Osa Igiehon, said the award-winning transaction was made possible through the support of financing partners, advisers and other stakeholders, describing the deal as a significant milestone for both the company and the broader African energy sector.
The financing, a dual-tranche Senior Secured Reserve-Based Lending (RBL) facility arranged in partnership with the African Export-Import Bank (Afreximbank), is among the largest debt transactions secured by an indigenous African energy company in recent years.
According to Igiehon, the successful execution of the facility demonstrates that African-owned energy firms can attract substantial capital and structure financing solutions that meet international standards.
He said the transaction would support Heirs Energies’ field development programmes, increase hydrocarbon production and strengthen the company’s long-term growth strategy.
Beyond its direct operational impact, the deal reflects a broader shift in the continent’s energy financing landscape, where African lenders are assuming a larger role in mobilising capital for resource development amid tightening global funding conditions for fossil fuel projects.
“The transaction reflects growing confidence among African and international financial institutions in our strategy and long-term vision,” Igiehon said, adding that the financing aligns with the vision of the company’s chairman, Tony Elumelu, who has consistently advocated greater African participation in financing the continent’s development priorities.
Industry analysts have increasingly pointed to reserve-based lending structures as critical tools for indigenous operators seeking to unlock value from acquired oil and gas assets while reducing dependence on foreign capital markets.
Afreximbank’s Executive Vice President, Global Trade Bank, Haytham ElMaayergi, said the transaction demonstrates the importance of Africa-focused financing solutions in supporting indigenous companies with strong growth potential.
According to him, African financial institutions will play a pivotal role in mobilising the capital required to strengthen energy security, expand production capacity and generate sustainable economic value across the continent.
The recognition also comes as Heirs Energies continues to expand operations following its acquisition and operatorship of OML 17 in 2021.
The company’s Executive Director and Chief Financial Officer, Samuel Nwanze, said the award validates both the financing structure and the confidence shown by lenders in the company’s business model and growth plans.
He noted that the facility is specifically designed to support long-term investments in field development and production optimisation, while helping align the company’s capital structure with the development of its hydrocarbon reserves.
Operationally, Heirs Energies has recorded significant production growth since taking over OML 17. The company says crude oil output has more than doubled to over 50,000 barrels per day, while gas production has tripled to more than 135 million standard cubic feet per day.
Those gains have elevated the company’s position within Nigeria’s energy sector, where it now accounts for about five per cent of the country’s oil production and domestic gas supply.
The financing deal and its subsequent international recognition are likely to reinforce confidence in the ability of indigenous operators to access large-scale capital and drive future growth in Nigeria’s oil and gas industry.