Attah: Renewables to complement, not displace oil
The Managing Director of Renaissance Africa Energy Limited, Mr Tony Attah (an engineer) has said renewable energy does not threaten the oil and gas sector but will instead complement it by offering consumers more options.
Speaking on Friday at the second Nigerian Content Academy virtual forum on the oil and gas sector, Attah maintained that while renewable energy would remain part of the global energy mix, it could not replace fossil fuels.
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Nathan Tamarapreye, Yenagoa
The Managing Director of Renaissance Africa Energy Limited, Mr Tony Attah (an engineer) has said renewable energy does not threaten the oil and gas sector but will instead complement it by offering consumers more options.
Speaking on Friday at the second Nigerian Content Academy virtual forum on the oil and gas sector, Attah maintained that while renewable energy would remain part of the global energy mix, it could not replace fossil fuels.
“I am also a fan of renewable energy. Every household should have solar panels and batteries, but fossil fuels will remain the dominant source of energy for powering industries,” he said.
The forum, themed “Finding Funds for Effective and Efficient Local Content Initiatives – Independent Petroleum Producers Group (IPPG) Perspectives”, focused on financing strategies within the sector.
Attah described the acquisition of onshore and shallow water assets previously operated by Shell Petroleum Development Company (SPDC) by Renaissance—a consortium of five indigenous firms—as transformative.
He explained that raising $2.4 billion locally for the deal, without relying on offshore lenders, was a significant challenge that required innovative thinking.
The energy executive lamented that Africa’s energy sector is largely financed externally, often without prioritising the continent’s development. He said Renaissance’s achievement should encourage more investors to channel funds into the sector.
According to him, the traditional model used by international oil companies—exporting crude without domestic refining—deprives Africa of value-added benefits across the production chain.
He noted that while a barrel of crude may sell for about $80, its refined derivatives could generate up to $200, underscoring the importance of local processing.
Attah urged Nigerian entrepreneurs to take the lead in developing the continent’s energy sector by mobilising indigenous capital.
He also commended the Nigerian Content Development and Monitoring Board (NCDMB) for initiatives such as the Nigerian Content Intervention Fund (NCIF) and the Nigerian Content Development Fund (NCDF), which aim to strengthen the capacity of local firms to acquire assets.
He added that the establishment of an African Energy Bank is a positive step that could unlock the continent’s energy potential and boost intra-African business transactions.
In his remarks after the session, Dr Obinna Ezeobi, General Manager, Corporate Communications at NCDMB, reaffirmed the board’s commitment to building local capacity in the energy sector. Ezeobi praised Attah’s presentation, describing it as insightful, and noted that the Nigerian Content Lecture Series is part of the board’s efforts to bridge knowledge gaps among stakeholders.
