Nzube Nlebedim, Nigeria Field Editor February 4, 2021
Image: YouTube
Following the one-billion-dollar acquisition of OML 17from Shell last month, Heirs Oil & Gas Ltd. has pledged to boost production from the onshore block to 100,000 barrels per day (bpd).
Success in achieving the production target would not only restore the block to its peak production level, but also make Heirs Oil & Gas Ltd. one of the largest indigenous operators in the country by output, alongside Seplat Petroleum Development Company, Atlas Petroleum International and Oranto Petroleum, Aiteo Eastern E&P, Shoreline and First Exploration & Petroleum Development Company.
“Our focus is to try to take this asset back to its peak production levels within a reasonable timeframe,” said Samuel Nwanze, CFO of Heirs Oil & Gas Ltd.
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Nigerian independent producer Heirs Oil & Gas Ltd. plans to restore an oil block acquired from Royal Dutch Shell Plc to its former output levels to make it one of the country’s biggest local operators.
Heirs finalized last month its purchase of an operating stake in a permit known as Oil Mining Lease 17 in a deal worth more than $1 billion. The transaction is the latest in which Nigerian firms have bought onshore or shallow offshore licenses from international oil majors that are reducing their exposure to risks associated with community relations and increasingly focused on developing deep offshore acreage.
“Our focus is to try to take this asset back to its peak production levels within a reasonable timeframe,” Heirs Chief Financial Officer Samuel Nwanze said in an interview. While Shell once pumped more than 100,000 barrels a day from OML 17, the block’s current output is less than 30,000, he said.