Renaissance Africa pledges $15 billion investment in Niger Delta
Renaissance Africa Energy Company Limited says it is injecting $15 billion into its oil fields located onshore and in shallow waters in 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, following divestment by Shell UK from onshore operations in the Niger Delta.
Greg Akhibi, general manager of supply chain at Renaissance Africa Energy, disclosed this at the ongoing 2025 Nigeria Oil and Gas Opportunities Fair on Thursday in Yenagoa.
Mr Akhibi represented Tony Attah, the managing director of Renaissance Africa Energy Company Limited, at the event.
More than 1,000 participants are taking part in the fair organised by the Nigerian Content Development and Monitoring Board.
The event is to showcase the opportunities to deepen the participation of Nigerian companies in the oil and gas sector.
Mr Akhibi 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.
(NAN)
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