‘Over Ambitious!’ Elumelu Pushes for Increased Oil Production to Drive Nigeria’s Industrial Growth

OwelekeTV (News, Business) —  Heirs Energies Targets 100,000 bpd as Gas Supply Constraints Persist

Tony Elumelu, founder of Heirs Energies, has reaffirmed the critical role of energy investment in Nigeria’s industrial growth, urging increased oil production to support economic development.

Speaking at the 2025 Heirs Energies Petroleum Industry Leadership Forum in Abuja, Elumelu highlighted the urgent need for strategic investment in oil and gas, emphasizing that energy security remains a fundamental pillar for national progress.

“For Africa and Nigeria to industrialize, energy access—especially electricity—must improve,”

he stated.

Elumelu noted that Heirs Energies was established to bridge the energy investment gap.

“We saw the need for direct involvement in the sector. That’s why we acquired OML 17 from Shell about four or five years ago. Today, we are producing over 53,000 barrels of oil daily and stand among Nigeria’s leading indigenous oil and gas companies.”

Expanding Oil Output for Economic Stability

The business mogul pointed out that Nigeria’s oil production had dropped below one million barrels per day (bpd) under the previous administration but has since climbed to 1.8 million bpd under President Bola Tinubu’s government. Despite this recovery, he stressed the need for further growth.

“Our target is to exceed 2 million barrels per day. The reality is that oil revenue is essential to funding economic diversification, and we must ensure we generate the necessary resources to develop our country,”

Elumelu said.

Challenges in the Power Sector

While advocating for increased oil production, he also drew attention to the persistent challenges within Nigeria’s power sector, particularly gas shortages that continue to hinder electricity generation.

“Transcorp, which leads in power generation with an installed capacity of 2,000 megawatts, still struggles due to gas supply constraints,” he explained.

“We aim to boost gas production alongside oil output, as gas is essential for industrial growth and improved power generation.”

Elumelu revealed that Heirs Energies has set an ambitious goal to expand oil production capacity to 100,000 bpd in the near future.

“Our current production is significant, but we know it’s not enough. That’s why we are here for three days, strategizing with industry leaders and policymakers to accelerate this growth,”

he added.

Government Support and Industry Collaboration

He expressed confidence that with the policy support from President Tinubu’s administration, including recent executive orders, Nigeria’s oil and gas sector is poised for substantial transformation.

“There have been notable improvements in the sector over the past year, and with the right incentives, we believe we can achieve our production targets,”

Elumelu stated.

According to the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria’s crude oil production rose to 1.53 million bpd in January 2025, meeting the cartel’s quota for the first time since its 2024 target was set.

Elumelu stressed that continued collaboration between industry players and policymakers is vital to sustaining this progress and ensuring that Nigeria maximizes its energy resources for long-term economic development.