By Adewale Sanyaolu
The Chief Executive Officer of Heirs Energies Limited, Osayande Igiehon, has urged the oil industry to shift its focus from the traditional pursuit of reserve growth to prioritising higher production levels. He stressed the need to monetise existing resources swiftly, warning that the window of opportunity is narrowing as the global energy transition accelerates.
Igiehon, stated this at a media parley for journalists at the corporate headquarters of the company in Lagos at the weekend.
He noted that while replacing oil reserves remains a vital aspect of the industry, increasing production and driving growth are even more critical, as they generate the resources required for economic expansion and sustained investment.
He advised that every effort must be directed towards maximising production, emphasising that Nigeria’s economy and long-term stability depend more on harnessing current resources than merely expanding reserves on paper. The Heirs Energies chief further stressed that the industry must extract maximum value from its hydrocarbon assets before they lose relevance in the face of global energy transition.
“Reserve is important, but right now, production is more important”, he explained.
On plans for OML 17, the Heirs Energy CEO said the ambition was to take its production from 50,000 bpd to 100,000 bpd.
He highlighted that while the replacement of oil reserves remains an important aspect of the sector, production and growth should take precedence as they provide the resources required for economic expansion and sustained investment.
“We must endeavor to channel every resource into oil production because our economy and long-term sustainability is tied to it as against growing resources,” he said.
The Heirs Energies chief emphasised that the industry cannot afford complacency, insisting that it must “try as much as possible to get every valuable from its hydrocarbon resources before it becomes less valuable” in the face of the accelerating global energy transition.
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