Renaissance Exceeds Oil Output Target by 40 % in One Month
Renaissance Africa Energy Company Limited, the consortium that acquired former Shell Petroleum Development Company (SPDC) says it exceeded production target by 40 per cent within its first month of operation.
A statement by Mr Michael Adande, Spokesperson for Renaissance on Friday, noted that the energy firm has demonstrated immediate impact by surpassing production targets by 40 per cent.
The that although Renaissance did not state the actual volume of output, SPDC hitherto produced around 290,000 barrels of oil equivalent per day from onshore and shallow waters in the Niger Delta.
According to Adande, this early success above set target by the Joint Venture (JV) signals a positive trajectory for Nigeria’s oil output growth and economic prosperity.
The statement noted that Nigerian National Petroleum Company Limited with 55 per cent interest in the JV described Renaissance’s operations as ‘sterling and remarkable’.
“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,” Renaissance quoted NNPCL as saying in a letter to Renaissance, signed by its Executive Vice President, Upstream, Mr. Udobong Ntia.”
NNPC said It hoped that the April performance would spur the company on “towards accelerating the realisation of the initiatives for incremental production volumes while protecting the base.”
“NNPC stated that it was committed to supporting the JV operator “to explore collaborative opportunities, not only for production growth, but also for cost discipline given the current realities of our price environment.
“It reiterated its ambition to work with its partners to grow crude oil production to over 2 million barrels per day by 2025, sustained through 2027 and 3 million by 2030,” the statement read in part.
Adande further quoted Managing Director and Chief Executive Officer of Renaissance, Tony Attah, as describing the recognition from NNPC as encouraging and motivating.
Attah noted that Renaissance would continue to push the boundaries of operational excellence in Nigeria’s energy landscape. “For us, it is a taste of the new beginning we have promised.” he said
Attah said 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.”
He described the early success of the operations of Renaissance as a product of strong collaboration with key community and government stakeholders, the JV partners and the resilience and commitment of the workforce.
