Latest news with #OsayandeIgiehon
Zawya
27-03-2025
- Business
- Zawya
Congo Energy & Investment Forum (CEIF) 2025: Collaboration Key to Achieving 500,000 BPD Target
Collaboration was identified as being a key pillar for achieving the Republic of Congo's oil production goals during a Congo Energy&Investment Forum 2025 panel discussion sponsored by Weatherford – an Associate Sponsor of CEIF 2025. Operators and service providers underscored the value of partnerships in maximizing output at mature fields as well as the need for aligned priorities, including exploration and supply chain development. Targeting 500,000 barrels per day (bpd) within the next three years, the Republic of Congo is seeking investment across the upstream sector, from greenfield to brownfield assets. In a keynote address ahead of the panel, Omar Yordi, EUA Product Line Director Production, Digital and Well Services, Weatherford, emphasized the value of mature field development in achieving production goals. 'It is vital to address field challenges in mature assets, where we work together in collaboration with service providers, plan accordingly and maintain the outcome of the job. The most successful jobs we have undertaken in recent years have been through intrinsic collaboration,' he said. Companies active across the broader region have been highly successful in maximizing output at mature fields. According to Osayande Igiehon, CEO of Heirs Energies, the company 'doubled its production in Nigeria after taking over an asset in 2021. We used a unique approach called brownfield excellence. Our goals were maximizing oil potential, optimizing facilities and sustainably maximizing production. Today, we have over 90 wells producing.' Through collaboration, companies active in Congo can unlock addition value at mature fields. Collaboration will not only enable operators to share risk and reduce working costs, but leverage the expertise of other players to drive projects forward. Antoine Berel, Managing Director Sub-Saharan Africa, Halliburton, said that, 'The priority must be to make sure that the cost of operation remains low, to ensure that Congo remains competitive in international markets. Halliburton aims to collaborate to find solutions that maximize the value of producing assets.' Yachtze Luchin, President&CEO, Unite Oil&Gas – a Silver Sponsor of CEIF 2025 – added that, 'Partnerships are important because no one person by themselves has the answer. When you bring a collective gathering of people together, you give yourself a better chance to be successful.' Achieving the target of 500,000 bpd will require a strategic approach, incorporating both investment in frontier exploration as well as field intervention and redevelopment. As one of sub-Saharan Africa's biggest oil producers, the Republic of Congo has a diverse slate of oilfields, with opportunities in shallow water acreage, onshore blocks and deepwater basins offering enticing prospects for major operators. Tim O'Hanlon, Senior Adviser, Panoro Energy, said that 'The country has everything: onshore, offshore, big assets, small assets, brownfields, gas and blocks yet to be developed. It has ambitious targets and there is a lot of talent in the oil industry, with cutting edge [solutions].' He added that Congo will not achieve its production goals with existing assets alone, but 'should promote exploration in new fields. Congo has a lot of potential. What is important is to be flexible and have an attractive fiscal framework. Congo is a safe and pleasant place to work.' Echoing these remarks, Jean-Michel Jacoulot, CEO of Trident Energy, said that 'If you want to achieve these objectives in three years, we need to focus on exploration prospects that are not far from infrastructure. Congo must promote attractive fields in order to attract investment. We are competing with other countries in the sub-region and Congo needs to promote visibility, transparency and policy.' Distributed by APO Group on behalf of Energy Capital&Power.
Zawya
27-03-2025
- Business
- Zawya
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.
Zawya
27-02-2025
- Business
- Zawya
Heirs Energies Chief Executive Officer (CEO) Joins Congo Energy & Investment Forum (CEIF) as Congo Ramps up Oil Production
As Africa's third-largest crude oil producer, the Republic of Congo has set an ambitious goal of increasing production to 500,000 barrels per day (bpd) by 2027. To attract new investment in exploration and production, the country is leveraging policy reforms and plans to launch a new licensing round in Q1 2025. With its production drive led by landmark projects from international oil companies, Congo has emerged as one of Africa's most attractive oil markets. The participation of Osayande Igiehon, CEO of Nigerian integrated energy company Heirs Energies, at the Congo Energy&Investment Forum (CEIF) 2025 this March reflects the country's growing appeal to indigenous African oil explorers and producers. The inaugural Congo Energy&Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country. Heirs Energies currently operates OML 17 in the Niger Delta, onshore Nigeria. The asset includes 15 oil and gas fields with significant potential for growth, offering multiple low-risk opportunities to develop high-grade reserves. The company recently ramped up production to 53,000 bpd, making it one of Nigeria's leading oil and gas producers. Through the participation of indigenous operators like Heirs Energies, CEIF 2025 is expected to provide valuable insights into how Congo can maximize the potential of its mature oil fields to meet its ambitious production targets. 'Igiehon's involvement in CEIF 2025 underscores the growing collaboration between Africa's oil-producing nations. His participation highlights the potential for both local and international players to capitalize on new opportunities in the region's evolving energy landscape,' states Sandra Jeque, Events and Project Director at Energy Capital&Power. By showcasing Congo's strategic approach to sustainable oil production growth, CEIF 2025 will highlight the country's expanding role in Africa's energy market. Participants will gain firsthand insight into how collaboration between local and international stakeholders is key to unlocking the full potential of oil and gas projects set to transform the national energy landscape. Distributed by APO Group on behalf of Energy Capital&Power.
