SEO Riders:
– Renaissance Africa Energy production milestone
– Nigeria’s oil sector indigenous ownership transition
– NNPC and Renaissance joint venture success
Renaissance Africa Energy Company Limited has exceeded expectations by surpassing its production targets by 40% in its first month of operating the former Shell Petroleum Development Company (SPDC) Joint Venture assets. This achievement marks a promising start for the consortium, which includes ND Western, Aradel Energy, First E\&P, Waltersmith, and Petrolin, and now holds a 30% stake in the SPDC JV alongside the Nigerian National Petroleum Company Limited (NNPC) and other partners. NNPC, holding a 55% interest in the joint venture, commended Renaissance’s performance, describing it as “sterling and remarkable,” and expressed optimism that this momentum would contribute to Nigeria’s goal of increasing crude oil production to over 2 million barrels per day by 2025 and 3 million by 2030.
Managing Director and CEO of Renaissance, Tony Attah, attributed the early success to strong collaboration with community and government stakeholders, JV partners, and the dedicated workforce. He emphasized the company’s commitment to operational excellence and its plans to implement additional high-impact initiatives to unlock further production volumes while maintaining the integrity of existing operations. This development follows the completion of Shell’s $2.4 billion sale of its onshore and shallow water assets in Nigeria to the Renaissance consortium, a move that reflects a broader shift towards indigenous ownership in the country’s oil sector.
