The African Export-Import Bank (Afreximbank) has approved a $750 million financing facility for Heirs Energies, marking one of the largest funding deals secured by an indigenous African energy company.
The agreement was signed in Abuja and is structured as a five-year reserve-based lending (RBL) facility. According to details of the transaction, part of the financing will be used to refinance existing debt, while the remainder will support the expansion of oil and gas production.
Heirs Energies operates Oil Mining Lease (OML) 17, an onshore asset where production has already more than doubled since acquisition. Output has increased from approximately 25,000 barrels per day (bpd) of oil and 50 million standard cubic feet per day (mmscf/d) of gas to about 50,000 bpd of oil and 120 mmscf/d of gas.
The company’s growing gas production plays a significant role in Nigeria’s domestic gas supply, supporting power generation and industrial use.
With the new financing, Heirs Energies is targeting further growth, aiming to scale production to around 100,000 bpd of oil and approximately 250 million cubic metres of gas in the near term.
The deal highlights Afreximbank’s continued commitment to supporting African-owned energy companies and strengthening energy security across the continent.
