Renaissance Africa Energy Company Limited has announced plans to invest $15 billion into its oil fields over the next five years. These fields are located on land and in shallow waters of the Niger Delta region.
The company, made up of local oil firms, recently acquired these assets from Shell Petroleum Development Company, which has been pulling back from its operations in Nigeria.
Mr. Greg Akhibi, who is the General Manager of Supply Chain at Renaissance Africa Energy, shared this information during the 2025 Nigeria Oil and Gas Opportunities Fair (NOGOF) held in Yenagoa. He was representing Chief Tony Attah, the company’s Managing Director.
The event is attended by over 1,000 participants and aims to highlight ways to enhance the involvement of Nigerian companies in the oil and gas industry.
Akhibi emphasized that this investment is primarily aimed at helping local oil companies become more active in managing oil resources on land and in shallow waters. The $15 billion will go toward 32 different projects focusing on producing domestic gas, exporting gas, and increasing crude oil production. This is intended to create a better balance since the assets they acquired had been more focused on gas.
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He mentioned that Renaissance Africa has taken on a large area of 112,000 square kilometers of assets and plans to pursue projects that will diversify their production away from just gas.
The company is focusing on four main areas to boost oil production, with upcoming activities related to drilling, pipelines, and fabrication. They are also planning 22 projects to enhance gas exports.
Currently, they produce 150 million standard cubic feet of gas each day and expect to double that to 300 million with the help of the new AKK gas pipeline, which will further support the domestic gas market.
Akhibi reiterated that Renaissance Africa is dedicated to working closely with the Nigerian Content Development and Monitoring Board (NCDMB) and local companies to provide energy not only for Nigeria but also for the entire African continent.
