Renaissance Africa Energy Company Limited has announced plans to invest $15 billion over the next five years in developing oil fields onshore and in the shallow waters of Nigeria’s Niger Delta.
The Nigerian-owned energy consortium recently acquired oil assets previously managed by Shell Petroleum Development Company (SPDC), following Shell UK’s exit from onshore operations in the region.
The announcement was made by Greg Akhibi, Head of Supply Chain at Renaissance Africa Energy, on behalf of the company’s Managing Director, Tony Attah, during the 2025 Nigeria Oil and Gas Opportunities Fair in Yenagoa.
The event, organized by the Nigerian Content Development and Monitoring Board (NCDMB), attracted over 1,000 participants and focused on enhancing the role of Nigerian businesses in the oil and gas sector.
Akhibi stated that the substantial investment will primarily support indigenous companies operating onshore and in shallow-water oil blocks.
Renaissance Africa plans to allocate the $15 billion across 32 projects aimed at boosting domestic gas production, gas exports, and crude oil output—shifting toward a more balanced energy mix following Shell’s historically gas-focused portfolio.
The company now controls approximately 112,000 square kilometres of oil and gas assets. It intends to realign operations to emphasize oil production while maintaining strong gas development.
Four major projects are being planned to increase crude oil production, along with initiatives in drilling, rig deployment, pipeline construction, and fabrication.
Additionally, the company is advancing 22 gas export projects to enhance international gas supply.
Currently, Renaissance Africa produces 150 million standard cubic feet of gas per day (MMSCF/D). This figure is expected to double to 300 MMSCF/D, driven by rising demand from the Ajaokuta–Kaduna–Kano (AKK) gas pipeline and increased domestic consumption.
