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Business News of Tuesday, 24 May 2022

Source: www.punchng.com

Oil firm expresses commitment to global best practices

Illustrative image of an oil company Illustrative image of an oil company

Heirs Oil & Gas, Africa’s integrated energy company has reaffirmed its commitment to both national and global environmental, sustainability and governance best practices.

A statement said in view of its upcoming operational one-year anniversary, an important aspect of the commitment is the elimination of routine flaring from HHOGs OML 17 by 2025, in compliance with the Nigerian Government’s routine flare reduction/elimination goal and global greenhouse gas reduction initiatives.

The Chief Executive Officer, Heirs Oil & Gas, Osa Igiehon, explained the steps being taken by the organisation to ensure the implementation of the plans to meet the commitment.

He said, “Decades of underinvestment in the asset cannot be corrected in a few months, since taking over the asset, we have been working arduously on this objective with the execution of flare reduction projects such as Associated Gas Gathering compressor uptime improvement, facility upgrades, provision of gas gathering solutions and facility off-gas utilisation initiatives.

“In line with the set objectives, since the acquisition, HHOG have more than doubled the gas production capacity of OML-17 from 50 to 120 mmscfd within the short period we have operated this asset.