WorldStage Newsonline– Renaissance Africa Energy Company Limited has projected that it will inject $15 billion into its oil fields located onshore and shallow waters of the Niger Delta region in the next five years.
Renaissance Africa, a consortium of indigenous oil firms recently acquired assets hitherto held by Shell Petroleum Development Company (SPDC), following divestment by Shell UK from onshore operations in Niger Delta.
Mr Tony Attah, the Managing Director, Renaissance Africa Energy Company Limited said at the 2025 Nigeria Oil and Gas Opportunities Fair (NOGOF) on Thursday in Yenagoa that the investment would be targeted predominantly to improve the participation of indigenous oil firms in the onshore and shallow waters oil blocks operation.
Represented by Mr Greg Akhibi, General Manager, Supply Chain he said the mony would be spent on 32 projects in development of domestic gas, export gas and more crude oil production to balance the predominantly gas portfolio template hitherto operated by SPDC.
More than 1,000 participants are taking part in the fair organised by Nigerian Content Development and Monitoring Board (NCDMB).
The event is to showcase the opportunities to deepen the participation of Nigeria companies in the oil and gas sector.
“We acquired a total of 112,000 square kilometers 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,” Akhibi said.
He noted that the 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 African continent.
