Indigenous Oil Firm Unveils Ambitious Expansion Plan in Niger Delta
A major player in Nigeria’s oil and gas industry, Renaissance Africa Energy, has announced a significant boost to its gas production capacity.
The company aims to increase its daily output to 300 million standard cubic feet, effectively doubling its current production levels.
This development was disclosed by the company’s General Manager of Supply Chain, Greg Akhibi, at the ongoing Nigeria Oil and Gas Opportunities Fair in Bayelsa State.
Akhibi revealed that the anticipated increase in gas offtake from the AKK pipeline project is expected to drive up domestic gas utilization.
As part of its strategic growth plan, Renaissance Africa Energy has committed to investing a substantial $15 billion in its operations over the next five years.
This massive investment will be channeled into 32 projects spanning domestic gas development, gas export, and crude oil production.
The move is designed to diversify the company’s asset portfolio, which has historically been skewed towards gas production.
The investment will focus on four key project areas to ramp up oil production, with a range of activities planned in drilling, rig construction, pipeline development, and fabrication. Notably, 22 of the 32 projects will concentrate on enhancing the company’s gas export capacity.
Renaissance Africa Energy’s expansion plan follows its recent acquisition of the Shell Petroleum Development Company of Nigeria (SPDC) in December 2024.
The company, a consortium of indigenous oil firms, is comprised of notable industry players, including ND Western Limited, Aradel Holdings Plc, and Waltersmith Group, among others.
The company’s commitment to partnering with local stakeholders, including the Nigerian Content Development and Monitoring Board (NCDMB), underscores its dedication to delivering energy solutions for Nigeria and the broader African continent.
With over 1,000 participants attending the Nigeria Oil and Gas Opportunities Fair, the event has provided a platform for Renaissance Africa Energy to showcase its ambitious growth plans and reinforce its position as a major player in the region’s oil and gas sector.
