Yemisi Izuora
Renaissance Africa Energy Company Limited is expanding its operations in the country highlighting eight year development plan.
The development plan will be funded with $15 billion projection and will concentrate on oil fields located onshore and in shallow waters in the Niger Delta region.
Renaissance Africa, a consortium of indigenous oil firms, recently acquired assets hitherto held by Shell Petroleum Development Company, following divestment by Shell UK from onshore operations in the Niger Delta.
Speaking at the 2025 Nigeria Oil and Gas Opportunities Fair, Tony Attah, the managing director of Renaissance Africa Energy Company Limited, represented by Greg Akhibi, general manager of supply chain, explained that the investment was targeted predominantly to improve the participation of indigenous oil firms in the onshore and shallow-water oil block operations.
According to him, the $15 billion would be spent on 32 projects in the development of domestic gas, export gas and more crude oil production to balance the predominantly gas portfolio template hitherto operated by SPDC. “We acquired a total of 112,000 square kilometres of acreage of assets and we intend to pursue projects that will balance the assets which were tilted more to gas. We are focusing on four project areas to increase oil production and there are upcoming activities in drilling, rigs, pipelines and fabrication businesses. We are also looking at 22 projects to increase export in gas production.
“Currently our gas production is at 150 million standard cubic feet of gas per day (MMSCF/D) and we project to hit 300 MMSCF/D with the anticipated increased off-take from the AKK gas pipeline expected to further increase domestic gas utilisation,” Mr Akhibi said. According to him, Renaissance Africa remains committed to partnerships with the NCDMB and Nigerian companies in the oil and gas sector to produce energy for Nigeria and the rest of the African continent.