Renaissance Africa Energy Company Limited says it is injecting $15 billion into its oilfields onshore and shallow waters in the Niger Delta region in the next five years.
It will be recalled that Renaissance Africa, a consortium of indigenous oil firms recently acquired assets held by Shell Petroleum Development Company (SPDC) following divestment by Shell UK from onshore operations in the Niger Delta.
Mr Greg Akhibi, General Manager, Supply Chain at Renaissance Africa Energy who represented the Managing Director, Chief Tony Attah spoke at the ongoing 2025 Nigeria Oil and Gas Opportunities Fair (NOGOF) in Yenagoa.
Some 1,000 participants are taking part in the event organised by Nigerian Content Development and Monitoring Board (NCDMB) to showcase opportunities to deepen the participation of Nigeria companies in the oil and gas sector.
Akhibi explained that the investment was targeted predominantly to growth the participation of indigenous oil firms in the onshore and shallow waters oil blocks hitherto operated by SPDC.
According to him, the $15 billion would be spent on 32 projects on 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 kilometers acreage of assets and we intend to pursue projects that will balance the assets which was tilted more to gas.
“We are focusing on four project areas to increase oil production and there are upcoming activities in drilling, rigs, pipeline and fabrication businesses. We are also looking at 22 projects to increase export gas production.
“Currently our gas production is at. 150 million standard cubit feet of gas per day (MMSCF/D) and we project to hit 300 MMSCF/D with the anticipated increased offtake 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 the African continent.