Renaissance Africa Energy Company Limited announced it exceeded its oil production target by 40% in its first month of operations. Spokesperson Michael Adande highlighted the strong start as a positive sign for Nigeria’s oil output growth and economic prospects.The Nigerian National Petroleum Company Limited (NNPCL), holding a 55% stake in the joint venture, praised Renaissance Africa Energy for surpassing its April 2025 oil production target.
In a letter signed by EVP Upstream, Udobong Ntia, NNPCL commended the company’s leadership and staff, calling the performance “sterling and remarkable.” NNPCL expressed optimism that the achievement would drive further production growth and reaffirmed its commitment to supporting the JV’s efforts in boosting output and maintaining cost efficiency.Renaissance Africa Energy aims to boost Nigeria’s crude oil output to over 2 million barrels per day by 2025, with plans to reach 3 million by 2030.
CEO Tony Attah called NNPCL’s recognition encouraging, attributing early success to strong partnerships and dedicated staff. The company is exploring new initiatives to further increase production. Renaissance acquired Shell’s SPDC in December 2024, marking a major shift in Nigeria’s upstream sector. The consortium includes ND Western, Aradel Holdings, FIRST E&P, Waltersmith Group, and Petrolin.
