Renaissance Africa Energy Company Limited says it is injecting 15 billion dollars into its oil fields located onshore and shallow waters in 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 (SPDC), following divestment by Shell UK from onshore operations in Niger Delta.
Mr Greg Akhibi, General Manager, Supply Chain at Renaissance Africa Energy disclosed this at the ongoing 2025 Nigeria Oil and Gas Opportunities Fair (NOGOF) on Thursday in Yenagoa.
Akhibi, represented Chief Tony Attah, the Managing Director, Renaissance Africa Energy Company Limited at the event.
The News agency of Nigeria (NAN) reports that more than 1,000 participants are taking part in the fair organised by Nigerian Content Development and Monitoring Board (NCDMB).
The event is to showcase the opportunities to deepen the participation of Nigeria companies in the oil and gas sector.
Akhibi explained that the investment was targeted predominantly to improve the participation of indigenous oil firms in the onshore and shallow waters oil blocks operation.
According to him, the 15 billion dollars would be spent on 32 projects in 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 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,” 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 African continent.
