Economy
Renaissance Exceeds Crude Output Target by 40% Month After Shell Acquisition
By Adedapo Adesanya
Renaissance Africa Energy Company Limited has exceeded crude oil production targets by 40 per cent in its first month of operating the former Shell Petroleum Development Company (SPDC) Joint Venture assets.
In a statement lauding the development, the Nigerian National Petroleum Company (NNPC) Limited hailed the performance as “sterling and remarkable.”
The achievement in April 2025 is being viewed as a strong signal of renewed momentum in Nigeria’s upstream sector and a promising step toward boosting national oil output and economic growth.
“This is to commend Renaissance Africa Energy Company Limited, your esteemed leadership team and staff for exceeding the production target in your JV assets for April 2025,” said NNPC in an official letter signed by its Executive Vice President, Upstream, Mr Udobong Ntia.
The state oil company expressed hope that the April milestone would inspire Renaissance “towards accelerating the realisation of the initiatives for incremental production volumes while protecting the base.”
The company further pledged its support to the JV operator in “exploring collaborative opportunities, not only for production growth, but also for cost discipline given the current realities of our price environment.”
NNPC reiterated its target to ramp up oil production to over 2 million barrels per day by 2025 and sustain it through 2027, with projections to hit 3 million barrels per day by 2030.
Reacting to the commendation, Renaissance Managing Director and CEO, Mr Tony Attah, described the recognition as both “encouraging and motivating,” stating that the company remains committed to driving operational excellence.
“For us, it is a taste of the new beginning we have promised,” Mr Attah said.
He added that the Renaissance team was “already assessing additional high-impact initiatives and operational enablers capable of unlocking incremental production volumes while ensuring the integrity and protection of our existing base production.”
Mr Attah attributed the early success to strong collaboration with host communities, government stakeholders, JV partners, and the dedication of the workforce.
