Congo Energy & Investment Forum (CEIF) 2025: Heirs Energies eyes Regional Opportunities amid Strong Congolese Energy Outlook
Nigerian independent oil and gas company Heirs Energies is seeking growth opportunities in West and Central Africa. The company's CEO Osayande Igiehon announced during the Congo Energy&Investment Forum (CEIF) 2025 that the company is interested in entering Congo, given the country's oil and gas potential and growth-oriented development strategy.
Heirs Energies is the operator of OML 17 in Nigeria, where it has managed to double oil production from 25,000 barrels per day (bpd) to 50,000 bpd since it acquired the asset from Shell in 2021. In Congo, the company aims to replicate this success, strengthening its upstream portfolio and contributing to Congo's production goals.
'Our mission is to build an integrated energy business across Africa that uniquely addresses Africa's energy problems. We want to grow our business across the value chain, expanding across Africa by replicating the success we have seen in Nigeria. We are keen to come to Congo. What makes [the country] so attractive to us is that Congo wants to grow. We are a growth-oriented company and that is why we are here,' Igiehon stated.
As one of sub-Saharan Africa's biggest oil producers, the Republic of Congo has a goal to increase crude output to 500,000 bpd. Concurrently, the country targets three million tons per annum LNG capacity following the start of LNG production in 2024. Achieving these goals will require substantial levels of investment and efforts are already underway to strengthen the business environment for foreign investment.
'When we look at the Republic of Congo, it is clear that there are vast, untapped resources. There is a huge potential of untapped oil reserves but there is also hydroelectric potential. By tapping into that potential, the Republic of Congo can be a main contributor to the energy transition,' stated Olajide Ayeronwi, CEO, FirstBank DRC.
To achieve production goals, the Republic of Congo is preparing to launch an international licensing round while incentivizing new investment across mature assets, aiming to maximize output at producing blocks. These efforts are expected to facilitate greater investment upstream.
'The Republic of Congo is undertaking big reforms to attract investors. These include regulatory reforms, with a Hydrocarbon Code introduced. Companies have access to tax benefits and there is systematic advertising of various types of contracts. There is clarity regarding the authorization of participation interests and greater transparency, with the existence of an oil and gas cadaster since 2018,' stated Daoudou Mohammad, Director of Tax and Legal at CLG – Legal Partner of CEIF 2025.
These reforms are a critical step towards encouraging spending across the oil and gas value chain. Olivier Dubois, Group President, OLEA Group, explained that 'Exploration and production are capital-heavy with big risks that require strong technical expertise. It is important to put in place mechanisms to address the risk associated with the oil sector.'
Hicham Fadili, Director General, Crédit du Congo, echoed these remarks, stating that the country has been highly successful in putting the mechanisms in place to attract upstream investment. However, he added that the country needs to go beyond the upstream in terms of investment.
'The emphasis should be put on establishing ecosystems in the energy sector. We need to attract various types of investors. Countries across the region are mostly oil and gas producers but there is a need for joint operations to create a real energy platform in Central Africa. Logistics is also important,' he said.
As the Republic of Congo strives for increased production, strengthening the logistics industry becomes increasingly important. Mohamed Diop, Deputy Managing Director for Africa, AGL, said that, 'Logistics is an important pillar. We need to invest but also to train the local Congolese youth, ensuring we have a win-win partnership that benefits the youth. We need to diversify our investments in equipment but also strengthen partnerships with future African champions.'
Distributed by APO Group on behalf of Energy Capital&Power.
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