What is your name, role, and the name of your company?
My name is Osa Igiehon. I am the MD/CEO of Heirs Holdings Oil & Gas Ltd. (HHOG), the operator of Oil Mining License (OML)–17 on behalf of the Nigeria National Petroleum Corporation (NNPC)/HHOG Joint Venture.
What inspired you to take on this role?
Life and career for me have been a continuous quest to maximise growth and impact. Taking on the leadership of HHOG is the next step in this quest, following a long career of over 27 years with Shell that saw me working and leading the creation and delivery of value across the hydrocarbon value chain in many different geographies.
The choice of HHOG was hinged on three key factors – first, TOE’s vision which I fully connect with, to create Africa’s first truly integrated energy company that is uniquely focused on addressing the continent’s energy needs. Second, a desire to have a more definitive contribution to shape the future energy landscape of Nigeria and Africa, especially with the world-defining headwinds brought on by energy transition. And lastly, a strong conviction that pivoting from a mature international oil company to a nascent but ambitious growth-minded enterprise, is the right stage for me to maximise my growth and impact in this next phase of my career.
What were your fears about being involved with a startup business?
I won’t say I had fears per se, more of questions that one would always have when making a move the scale of which I made, as I left another proposition behind to take this option. Not having fears was also because I had sufficient time to think through the implications of the move I was making. Many people around me were and are still concerned about this move, but I think it is the right move for me at this time.
Further, the way that I look at it is this is as follows – whilst HHOG is a start-up, it is part of the HH which is a well-established group with an enviable track record. Further, HHOG’s first asset, OML-17, is a producing (not exploration) asset which somewhat de-risks it as a start-up, but on the other hand, the operating environment poses some fundamental challenges that we are now facing and addressing.
Did your expectation match the reality when you finally joined?
HH is an impressive group. I am most impressed by the vision, ambition, growth, governance and its people. I have remarked to several persons that its governance is comparable to what I have seen in many international conglomerates. I am also very taken by the concept of Africapitalism, especially the double bottom lines of commercial success and improving lives, that it espouses.
Tell us about your milestones to date.
As you all know, the acquisition was completed by mid-January 2021 and for the few months post deal completion, Shell continued to operate the asset on our behalf whilst we built up our organizational capacity. Our first key achievement is that we have taken over operational control of the asset by 1st July, a month ahead of plan and we have run the assets safely since then. Secondly, we are working to ramp up production from ca. 30 thousand barrels of oil per day (kbopd) to 50 kbopd by year-end. So far, in the month of July, we are technically already at over 35 Kbopd. However we are facing serious threats of crude oil theft, a scale of which is monumental, this is getting attention at all levels and we are confident that we will overcome this threat and setback.
As a new player in your industry, what difference is your company bringing to the market?
HHOG is and will be differentiated by 5P’s … purpose, profile, portfolio, people and performance. The vision to build Africa’s first truly integrated energy company uniquely focused on addressing the continent’s energy needs, starting with Nigeria, is a lofty ambition that sets us apart in the industry. Additionally, our asset is well-positioned in the geographical landscape to make a difference across the hydrocarbon energy value chain. One example is our gas-to-power play is already manifesting with HHOG supplying the gas that fires the TransAfam power plant.
Share with us, some career growth tips that have helped you over the years.
There are many factors that I believe helped me in my life and career journey, some of which include having a focus on excellence and delivery results that exceed expectations; a continuous effort to improve one’s capability and skills; identifying and getting the coaching and mentoring that can help unleash one’s potential; to be outcome-focused and destination led; and that life is essentially a race of self (not against others) to be the best that one can be.
