Heirs Energies has achieved a milestone $750 million financing agreement for its efforts to develop oil fields and increase oil production.
This deal has received the title of Best Oil & Gas Deal of the Year award from the EMEA Finance Project Finance Awards 2026.
The awards ceremony took place on June 3 in London and awarded one of the most substantial financing deals made by an African energy firm.
This dual tranche Senior Secured Reserve Based Lending arrangement was organized by the African Export Import Bank (Afreximbank).
Heirs Energies Chief Executive Officer, Osa Igiehon, says that the award shows the level of trust that both domestic and foreign financial institutions have on the business model of the company.
According to Igiehon, the deal shows the capability of African energy companies to structure and complete world class financing transactions that promote investments and foster economic development.
The Executive Vice President of Afreximbank, Global Trade Bank, Haytham ElMaayergi, says that the award underscores the significance of developing African financing solutions to foster energy security of indigenous energy firms.
For Heirs Energies, the facility represents a major step forward as it moves towards developing a capital structure that will help achieve long-term reserves growth and sustained value creation.
Since acquiring operatorship of OML 17 in 2021, Heirs Energies has doubled crude oil output to more than 50,000 barrels of oil per day, and natural gas output to greater than 135 million standard cubic feet per day.
Heirs Energies is responsible for around five per cent of Nigeria’s crude oil production and natural gas output and therefore ranks among the largest indigenous energy producers in the country.
The facility further illustrates increasing trust in Africa’s institutions to finance energy projects on the continent.
