Renaissance Africa Energy Company Limited has announced plans to invest $15 billion over the next five years to develop oil fields located onshore and in the shallow waters of Nigeria’s Niger Delta.
The company—a consortium of Nigerian-owned oil firms—recently acquired oil assets formerly operated by Shell Petroleum Development Company (SPDC), following Shell UK’s exit from onshore operations in the region.
Greg Akhibi, Head of Supply Chain at Renaissance Africa Energy, disclosed the investment plans during the 2025 Nigeria Oil and Gas Opportunities Fair in Yenagoa. He delivered the remarks on behalf of the company’s Managing Director, Tony Attah.
The event, organized by the Nigerian Content Development and Monitoring Board, attracted over 1,000 participants and focused on promoting greater involvement of Nigerian businesses in the oil and gas sector.
Akhibi stated that the $15 billion investment will support 32 projects, primarily benefiting indigenous companies working onshore and in shallow waters.
These projects aim to enhance the production of domestic gas, export gas, and crude oil, offering a more balanced energy portfolio compared to Shell’s previous gas-heavy operations.
Renaissance Africa has assumed control of 112,000 square kilometers of oil and gas assets and intends to recalibrate development efforts with an increased focus on oil output.
The company plans to roll out four major crude oil projects and launch activities in drilling, rig deployment, pipeline construction, and fabrication.
In addition, 22 gas export projects are in the pipeline to bolster international supply. Renaissance currently produces 150 million standard cubic feet of gas per day (MMSCF/D) and aims to double this to 300 MMSCF/D as demand rises, particularly from the AKK gas pipeline, which is expected to boost domestic gas consumption.
This ambitious investment marks a significant step toward strengthening Nigeria’s energy sector and expanding the role of indigenous companies in driving future growth.
