NOGOF 2025: Renaissance Africa pledges $15bn investment in N/Delta

Nathan Tamarapreye, Yenagoa

Renaissance Africa Energy Company Limited says it is investing $15 billion into its oilfields onshore and shallow waters in the Niger Delta region in the next five years.

It will be recalled that Renaissance Africa, a consortium of indigenous oil firms recently acquired assets held by Shell Petroleum Development Company (SPDC) following divestment by Shell UK from onshore operations in the Niger Delta.

Mr Greg Akhibi, General Manager, Supply Chain at Renaissance Africa Energy, who represented the Managing Director, Chief Tony Attah, spoke at the ongoing 2025 Nigeria Oil and Gas Opportunities Fair (NOGOF) in Yenagoa.

Some 1,000 participants are taking part in the event organised by the Nigerian Content Development and Monitoring Board (NCDMB) to showcase opportunities to deepen the participation of Nigerian companies in the oil and gas sector.

Akhibi explained that the investment was targeted predominantly to grow the participation of indigenous oil firms in the onshore and shallow waters oil blocks hitherto operated by SPDC.

According to him, the $15 billion would be spent on 32 projects on the 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 kilometres 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, pipeline and fabrication businesses. We are also looking at 22 projects to increase export 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 increase offtake from the AKK gas pipeline expected to further increase domestic gas utilisation,” Akhibi said.

He noted that 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 the African continent.