Heirs Energies gets recognition for $750m oil deal

Heirs Energies Limited has won international recognition after its landmark $750m dual-tranche senior secured reserve-based lending facility was named Best Oil & Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026.

In a statement on Sunday, the company said the award was presented on 3 June in London, recognising one of the largest financings secured by an indigenous African energy company.

According to the company, the transaction, executed with the African Export-Import Bank, was structured to accelerate field development, optimise production and support Heirs Energies’ long-term growth ambitions while maintaining disciplined capital management.

The company said the financing reflected the vision of its Chairman, Tony Elumelu, that African institutions and African-led businesses can successfully mobilise capital to unlock the continent’s resources, advance energy security and create long-term economic value.

Commenting on the recognition, the Chief Executive Officer of Heirs Energies, Osa Igiehon, said, “This recognition reflects the confidence that African and international financial institutions continue to place in Heirs Energies, our strategy, and our long-term vision.

“The transaction demonstrates that indigenous African energy companies can successfully structure and execute world-class financing solutions that support investment, growth, and value creation. We are proud to receive this award and grateful to our financing partners, advisers, and stakeholders whose support made it possible.”

Also speaking, the Executive Vice President, Global Trade Bank, at Afreximbank, Haytham ElMaayergi, described the award as recognition of the importance of Africa-focused financing in supporting indigenous energy firms.

He stated, “We are truly honoured that the US$750m dual-tranche senior secured reserve-based lending facility for Heirs Energies has been recognised as the Best Oil & Gas Deal of the Year by the EMEA Finance Project Finance Awards.

“This recognition underscores the importance of well-structured, Africa-focused financing in supporting indigenous energy companies with strong governance, high-quality assets and clear long-term growth plans. Afreximbank was proud to support this landmark transaction, which demonstrates how African financial institutions can help mobilise capital for strategic businesses that advance energy security, production capacity and sustainable value creation across the continent.

“We congratulate Heirs Energies and all the partners involved in the transaction and are pleased to see this important financing recognised on such a respected international platform.”

The Executive Director and Chief Financial Officer of Heirs Energies, Samuel Nwanze, said the recognition affirmed the strength of the transaction and the confidence reposed in the company by its financing partners, adding that it validates the strength of the transaction and the confidence its financing partners placed in Heirs Energies.

“The facility was designed to support our long-term growth strategy, enabling continued investment in field development, production optimisation, and sustainable value creation. We are pleased to see the transaction recognised on such a respected global platform,” he noted.

The company added that the financing represented a major milestone in its evolution from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves.

It added that the deal reinforced Heirs Energies’ position as a leading indigenous energy producer and demonstrated the ability of African institutions to finance transformational African businesses.

The EMEA Finance Project Finance Awards recognise outstanding transactions across Europe, the Middle East and Africa, celebrating excellence, innovation and impact in project and structured finance.

Heirs Energies, operator of OML 17, said that since assuming operatorship in 2021, it has more than doubled oil production to over 50,000 barrels per day and tripled gas production to over 135 million standard cubic feet per day.

The company said it contributes about five per cent of Nigeria’s oil production and five per cent of domestic gas supply.