Renaissance Africa Energy Company Limited plans to invest $15 billion over the next five years in oil field developments located onshore and in the shallow waters of the Niger Delta.
The company, a group of Nigerian-owned oil firms, recently took over oil assets that previously belonged to Shell Petroleum Development Company (SPDC) after Shell UK exited onshore operations in the region.
Greg Akhibi, who oversees the supply chain at Renaissance Africa Energy, made this announcement during the 2025 Nigeria Oil and Gas Opportunities Fair held in Yenagoa.
He delivered the message on behalf of Tony Attah, the company’s Managing Director.
Over 1,000 attendees are participating in the fair, which is organized by the Nigerian Content Development and Monitoring Board.
The event aims to highlight ways Nigerian businesses can expand their role in the oil and gas industry.
Mr. Akhibi noted that the massive investment will mainly support indigenous companies involved in operating onshore and shallow-water oil blocks.
He revealed that Renaissance Africa will channel the $15 billion into 32 different projects focused on growing the production of domestic gas, export gas, and crude oil, to create a more balanced energy mix following Shell’s gas-heavy portfolio.
The company has taken control of 112,000 square kilometres of oil and gas assets, and it intends to initiate projects that will bring balance to these resources, shifting emphasis toward oil output.
Renaissance Africa plans to roll out four core projects to raise crude oil production, and it will launch activities in areas such as drilling, rig deployment, pipeline construction, and fabrication.
It is also working on 22 gas export projects aimed at boosting international gas supply.
Currently, the company produces 150 million standard cubic feet of gas per day (MMSCF/D), but it expects this figure to rise to 300 MMSCF/D as demand from the AKK gas pipeline increases and supports greater domestic gas consumption.
source: independent.ng
African Energy Council