In its first month of operating the former SPDC Joint Venture assets, Renaissance Africa Energy Company Limited has demonstrated immediate impact by surpassing production targets by 40 percent. This early success above set target by the JV signals a positive trajectory for Nigeria’s oil output growth and economic prosperity.
The Nigerian National Petroleum Company Limited with 55 percent 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,” the national oil company said 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 2+ million barrels per day by 2025, sustained through 2027 and 3 million by 2030.
Managing Director and Chief Executive Officer of Renaissance, Tony Attah, described the recognition from NNPC as encouraging and motivating, noting 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 stated.
Attah said 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.