Renaissance Energy Increases Crude Oil Production By 200,000 BPD Since Shell Assets Take Over
Since the acquisition and operational takeover of Shell Petroleum Development Company’s (SPDC) onshore assets in Nigeria, Renaissance Africa Energy Company has increased the crude oil production of the assets by over 200,000 barrels per day.
This was revealed when a delegation from Renaissance Africa Energy Company Limited (RAEC) paid a courtesy visit to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The meeting was part of ongoing engagement with strategic indigenous players in Nigeria’s energy sector.
Renaissance Africa Energy Holdings, a consortium of Nigerian and international oil and gas companies, had acquired Shell Petroleum Development Company of Nigeria (SPDC), a subsidiary of Shell, in a deal valued at $1.3bn.
The acquisition involves Renaissance acquiring 100 per cent equity in SPDC, which holds onshore assets in the Niger Delta region.
The deal was completed after initial agreement in January 2024 and all regulatory approvals were obtained. SPDC had been renamed to Renaissance Africa Energy Company Limited.
The delegation was led by Dr. Layi Fatona, Chairman of RAEC, alongside Engr. Tony Attah, the company’s Managing Director and Chief Executive Officer. The purpose of the visit was to formally brief the Minister on RAEC’s recent acquisition and operational takeover of Shell Petroleum Development Company’s (SPDC) onshore assets in Nigeria.
During the meeting, the RAEC leadership shared key updates, highlighting that since assuming control of the assets, the company has ramped up production to over 200,000 barrels per day—a major milestone for both RAEC and the broader Nigerian oil and gas industry.
Fatona and Attah reaffirmed RAEC’s full alignment with the Federal Government’s economic priorities, particularly in revenue generation, job creation, and upstream expansion.
They reiterated their long-term commitment to community engagement and responsible energy development.
In his remarks, Edun applauded the operational strides made by RAEC. He noted that the increasing participation of Nigerian-owned companies in key sectors reflects a broader shift toward homegrown solutions and inclusive economic growth.
The Minister reiterated President Bola Tinubu’s commitment to fostering a level playing field for all private sector actors and stressed the importance of sustained collaboration between government and industry to deliver long-term value to the nation.
The meeting concluded with a shared understanding of indigenous firms like RAEC’s vital role in Nigeria’s energy transition and macroeconomic advancement.
ENDS
Renaissance Energy Increases Crude Oil Production By 200,000 BPD Since Shell Assets Take Over is first published on The Whistler Newspaper
