Heirs Energies Wins Best Oil & Gas Deal 2026 for $750m Financing

On June 3, 2026, in London, Heirs Energies Limited was awarded the Best Oil & Gas Deal of the Year at the EMEA Finance Project Finance Awards. The recognition highlighted the company’s $750 million dual-tranche Senior Secured Reserve-Based Lending (RBL) facility executed with Afreximbank. This award celebrates the most impactful project finance deals across Europe, the Middle East, and Africa, marking a major milestone for a fully indigenous Nigerian energy company.

The deal, signed in December 2025, demonstrates that African institutions can lead large-scale energy financing on their own terms and gain global recognition for it.

Turning an Underperforming Block into a Top Producer

Within 100 days, the company reactivated 30 idle wells and increased oil output to over 50,000 barrels per day. Gas production rose from 50 million to over 135 million standard cubic feet per day by 2026. Today, OML 17 supplies about 5 percent of Nigeria’s oil and gas output. This strong operational performance gave lenders confidence to approve the $750 million financing.

Heirs Energies acquired a 45 percent interest in OML 17 from Shell, TotalEnergies, and Eni in 2021. At the time, production had fallen to around 27,000 barrels per day, well below its peak of 120,000 barrels in the 1970s.

Understanding the $750 Million Financing

The facility was structured as a dual-tranche senior secured loan, giving lenders the first claim on company assets and cash flows. Afreximbank contributed $250 million and coordinated a broader lending group. The funds are being used to develop OML 17, optimise production, and provide working capital for the company’s growth plans.

At $750 million, the raise ranks among the largest ever completed by an indigenous African energy company. Most of the financing came through African institutions.

What Afreximbank’s Support Means

Afreximbank ended 2025 with total assets of $48.5 billion and net income of $1.2 billion. By backing Heirs Energies, the bank showed that African financial institutions can execute major energy deals. The award also signals that Africa can manage high-quality transactions with strong governance and clear long-term plans.

Supporting Heirs Energies aligns with Afreximbank’s view that responsible oil and gas investment remains critical for Africa’s energy development, especially where gas feeds domestic power generation.

Africapitalism Meets Project Finance Reality

Heirs Energies Chairman Tony Elumelu has championed the philosophy of Africapitalism, the idea that African private sector capital can generate both commercial returns and development outcomes. The OML 17 acquisition tested that thesis.

Raising $750 million through an African institution and winning an international award validates this model. It demonstrates that indigenous companies can deliver operational performance, attract financing, and gain global recognition without a multinational backstop.

The Path to 100,000 Barrels per Day

Heirs Energies has a production goal of 100,000 barrels per day at OML 17. The asset has 2P reserves of 1.2 billion barrels and additional exploration potential of 1 billion barrels.

Reaching this target requires continued investment, rapid well reactivation, gas infrastructure development, and strong operational discipline. The $750 million facility will fund field development, production optimisation, and working capital. The award also enhances the company’s reputation, helping future financing efforts.

Frequently Asked Questions

What award did Heirs Energies win in 2026?
Heirs Energies won Best Oil & Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026. The award recognised the $750 million dual-tranche RBL facility executed with Afreximbank.

What is reserve-based lending in oil and gas financing?
Reserve-based lending (RBL) is a loan secured against proven and probable oil or gas reserves. The borrowing base sets the maximum amount a lender will provide based on reserve estimates, production forecasts, and commodity prices. It is the dominant financing structure for upstream oil and gas companies.

How much does Heirs Energies produce on OML 17?
As of 2026, the company produces over 50,000 barrels of oil per day and more than 135 million standard cubic feet of gas per day. This is more than double the oil output and triple the gas output since 2021.

What role did Afreximbank play in the financing?
Afreximbank acted as Mandated Lead Arranger, Facility Agent, and Security Agent, contributing $250 million and coordinating a broader lending syndicate.

What is the EMEA Finance Project Finance Awards?
It is an annual ceremony recognising the most impactful project and structured finance deals across Europe, the Middle East, and Africa.

What is Heirs Energies’ production target for OML 17?
The company aims for 100,000 barrels of oil per day, funded through the $750 million facility and supported by 2P reserves of 1.2 billion barrels plus exploration upside.