Uche Cecil Izuora
Managing Director and CEO of Renaissance Africa Energy Company Limited, Tony Attah, has called for a review of the Petroleum Industry Act (PIA) to align with current economic and sector realities.
Speaking on the theme “Nigeria Oil and Gas: From Reforms to Recovery,” at the 2025 BusinessDay Annual CEO Nigeria Forum held in Lagos on Thursday, Attah, noted that while the PIA was a landmark reform when signed into law in August 2021, it had been in development for over two decades, during which time the global energy sector underwent significant transformation.
“The PIA was a bill for 20 years, and while we were busy trying to get it right, the rest of the world moved on,” Attah said. “It doesn’t take cognisance of digitalisation, doesn’t recognise AI, and in today’s world, you cannot survive without digitalisation. The PIA came late even for its time.”
Attah commended the Nigerian government for recent reforms, including the Executive Order raising contract approval thresholds from $500,000 to $10 million, which he described as a “game-changer” for operational flexibility in a multi-billion-dollar industry.
He also praised the evolving regulatory environment, noting that over 50% of Nigeria’s oil production is now driven by indigenous companies, a testament to the success of local content policies and regulatory support.
“Government reforms are working. Nigerians are taking over. But while the reform is on, there’s still a lot more to be done,” he added.
Attah highlighted pipeline security as a critical challenge, urging regulators to define clearer frameworks for safeguarding infrastructure and ensuring that production reaches the export terminals without disruption.
“Production is no longer the problem, it’s getting it to market. Between production and point of sale lies the pipeline, and that’s all about security,” he said.
Reaffirming Renaissance’s commitment to national development, Attah described the company’s vision as Afro-centric, focused on enabling energy security and industrialisation across Africa in a sustainable manner.
“We want to move Nigeria to centre stage as the true African giant. The renaissance has begun for our company and for our country,” he said.
Renaissance operates Nigeria’s largest upstream joint venture alongside NNPC Limited, TotalEnergies, and AENR, with a portfolio of 15 onshore and 3 shallow-water Oil Mining Leases, and the Bonny and Forcados crude export terminals.
In its first 100 days of taking over Shell’s shares in the defunct SPDC, Renaissance increased crude oil production by over 40%, including significant gas deliveries to Nigeria LNG Limited.