Osayande Igiehon, chief executive officer (CEO) of Heirs Energies Limited, says there has been a remarkable transformation in the oil industry, which has not been witnessed in decades.
Speaking during a media parley on Thursday, Igiehon said in December 2021, the company, with interest in oil mining lease (OML) 17, could only access 3 percent of its production at terminals.
On August 25, Bayo Ojulari, group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, said the country has attained nearly 100 percent pipeline and terminal crude oil receipts due to the support of the security forces and intelligence agencies.
Affirming Ojulari’s stance, the Heirs Energies CEO said the company now gets about 100 percent of its crude oil production transported to terminals.
Advertisement
Years back, he said the company faced an existential threat, but there has been a turnaround.
“It’s not a challenge, it’s a near-death experience. I think that’s the best way to describe it,” Igiehon said.
“But we are thankful to the government for the turnaround that we have seen. In the worst case of this, in December 2021, we only got 3 percent of our produce to the terminals. Today, we get close to 100 percent.
Advertisement
“It’s a remarkable transformation; it has not been seen in decades. And what we’ve done is we have essentially shown the example of what is possible in onshore, Nigeria.”
Speaking further, the Heirs Energies boss said there is “always the question of asking for more”.
“What can the government do to help you? I have been in the industry for about 30 years. I joined Shell in February of 1998. I can tell you and if I look at the history, it’s a long discussion,” he said.
“If you look at all the conditions, there is no time better than now for the oil and gas industry.”
Advertisement
Igiehon noted that fundamental shifts have occurred over time, adding that recent changes were made in the right environment, in line with the presidential directives.
