Heirs Energy lands $750m Afreximbank loan to expand oil and gas output
Heirs Energy, a Nigerian-owned energy company, has secured a $750 million financing facility from Afreximbank to boost its oil and gas production. The deal, signed in Abuja, aims to double the company’s crude oil and gas output in the coming years. Tony Elumelu, Chairman of Heirs Holdings, hailed the move as a major boost for African enterprise and energy sufficiency. The funding will also help refinance existing debt and support infrastructure growth.
TLDR
- Heirs Energy received a $750 million facility from Afreximbank to scale up oil and gas operations.
- The financing is expected to raise oil production to 100,000 barrels per day and gas output to 250 million cubic metres.
- Tony Elumelu praised Afreximbank’s support, calling it vital for African business growth.
- The new funding will refinance existing debt and provide fresh capital for expansion under a five-year reserve-based lending framework.
- Increased gas production from OML 17 is already improving power generation in Nigeria’s eastern region.
