Nigerian oil producer Heirs Energies secured $750 million of credit from African Export–Import Bank to fund production, according to a company statement.
The financing signed on Decembe20 with the Cairo-based lender “strengthens Heirs Energies’ balance sheet, enhances liquidity, and provides the flexibility required to accelerate field development and optimise production,” the energy firm said in an emailed statement.
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The company, which operates the Oil Mining Lease 17 it purchased from Shell Plc in 2021, said in August it plans to double output by 2030 from 55,000 barrels a day as well as expand operations across Africa.
Nigerian independent oil companies are significantly expanding operations to benefit from an improved operating environment, after acquiring onshore assets of international oil companies shifting to deepwater fields. Other companies including Seplat Energy Plc, Oando Plc and Renaissance Africa Energy Co. are reopening shut-in wells and investing heavily in new drilling and infrastructure to help the West African nation ramp up crude oil output.
