Latest news with #RenaissanceAfricaEnergy
Zawya
3 days ago
- Business
- Zawya
Renaissance Africa Energy Chief Executive Officer (CEO) to Speak at African Energy Week (AEW) 2025 Amid $15B Investment Drive in Nigeria
Tony Attah, CEO of Renaissance Africa Energy – a consortium of independent oil and gas companies -, has been confirmed to speak at this year's African Energy Week (AEW): Invest in African Energies 2025 conference, taking place from September 29 to October 3 in Cape Town. His participation comes at a pivotal moment as Renaissance Africa Energy spearheads one of Nigeria's most ambitious upstream investment campaigns following the company's landmark acquisition of energy major Shell's Nigerian subsidiary Shell Petroleum Development Company of Nigeria's (SPDC). Attah's participation at AEW: Invest in African Energies 2025 is set to highlight Renaissance Africa Energy's transformative role in reshaping Nigeria's upstream sector. With a $15 billion investment plan targeting 32 oil and gas projects over the next five years, Renaissance Africa Energy is rapidly positioning itself as a key driver of indigenous oil and gas development in the Niger Delta region. The company's immediate operational success – exceeding its oil production target by 40% in its first month – underscores its commitment to growth, efficiency and stakeholder collaboration. At AEW: Invest in African Energies 2025, Attah is expected to share insight into this investment strategy. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Renaissance Africa Energy, a consortium comprising ND Western Ltd. Aradel Holdings Plc, FIRST E&P, Waltersmith Group and Petrolin, completed the $1.3 billion acquisition of SPDC's assets in December 2024. The move marked a turning point for local participation in Nigeria's oil industry and reflected the Nigerian government's commitment to empowering indigenous operators through the implementation of the country's Petroleum Industry Act, which improves the sector's fiscal framework, governance and regulatory procedures. The state-owned Nigerian National Petroleum Company Ltd. – which retains a 55% stake in the SPDC joint venture with Renaissance Africa Energy – has publicly acknowledged the company's swift progress. The joint venture is expected to play a pivotal role in helping Nigeria meet its national production goals – targeting over two million barrels per day (bpd) by 2025 and three million bpd by 2030. With deep expertise across upstream, midstream and downstream operations, these partners bring a proven track record of performance, community engagement and innovation. Meanwhile, a combined asset base of $3 billion and production rate of 100,000 bpd positions Renaissance Africa Energy to deliver high-impact energy solutions across Nigeria and the continent. Under Attah's leadership, Renaissance Africa Energy operates under four strategic areas of focus: boosting oil production through drilling and rig operations; expanding pipeline and fabrication capacity; growing domestic gas supply; and enhancing gas exports through 22 dedicated projects. Under these pillars, one of the company's core objectives is to double gas output from 150 million to 300 million standard cubic feet per day, which will see support from critical infrastructure such as the Ajaokuta-Kaduna-Kano gas pipeline. 'Tony Attah's leadership at Renaissance Africa Energy is emblematic of the next phase of African energy: bold, locally-led and investment driven. Within weeks of assuming operations, the company exceeded production targets by 40%. This is the kind of leadership and execution Africa's energy future needs,' stated Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
3 days ago
- Business
- Zawya
Local firms drive new growth phase in Nigeria's oil sector
LAGOS - Nigeria is witnessing a significant shift in its oil and gas landscape as local companies expand their roles, driving a new phase of potential sectoral growth and innovation. Leading the charge are companies which bought onshore and shallow water assets from oil majors planning billions of dollars of investments to develop abandoned fields. Smaller producers are also pulling their weight, for example Nigeria's first locally developed and operated onshore crude terminal, Otakikpo, began loading operations on Monday. Built by Green Energy Limited and located in the OML 11 block near Port Harcourt, it marks a milestone in local capacity. Shell loaded the first crude cargo through the 360,000 bpd capacity terminal on Monday, opening up potential drilling prospects for over 40 stranded fields in the region. Similarly, Conoil Producing Limited recently shipped the first cargo of its new Obodo crude blend from the onshore OML 150 in the Niger Delta. The cargo was lifted by Oando Trading, a subsidiary of Oando Plc which bought ENI's divested assets. Following this trend, Renaissance Africa Energy — after acquiring Shell's onshore assets — is committing to investing $15 billion over the next five years in its oil and gas operations. The company aims not only to balance its portfolio by increasing crude oil production but also to double its gas output once a key local gas pipeline is completed. Similarly, Seplat Energy, following its acquisition of ExxonMobil's Nigerian shallow-water assets, recently announced plans to reopen 400 previously shut-in wells. CEO Roger Brown said the company is set to invest up to $320 million this year in drilling campaigns and infrastructure, with the goal of boosting crude production to around 140,000 barrels per day. "We are focused on reviving existing wells, expanding drilling campaigns, and increasing gas volumes," Brown said during the company's annual general meeting. While these developments show the increasing role local producers are playing amidst government reforms, they are also grappling with challenges. "These operators face higher costs due to security challenges, community disputes, oil theft and ageing infrastructure – a key aspect of reducing costs for operators will be addressing these challenges," said Mikolah Judson, an analyst at global risk consultancy, Control Risk. These local players, signal a new phase for Nigeria's oil and gas sector and could provide support for the government's plan to raise oil output by additional 1 million barrels per day (bpd) next year, head of Nigeria's oil regulator said. They now account for over half of Nigeria's oil production from around 40% before the oil majors completed their divestment programmes according to the regulator's data.
Reuters
3 days ago
- Business
- Reuters
Local firms drive new growth phase in Nigeria's oil sector
LAGOS, June 3 (Reuters) - Nigeria is witnessing a significant shift in its oil and gas landscape as local companies expand their roles, driving a new phase of potential sectoral growth and innovation. Leading the charge are companies which bought onshore and shallow water assets from oil majors planning billions of dollars of investments to develop abandoned fields. Smaller producers are also pulling their weight, for example Nigeria's first locally developed and operated onshore crude terminal, Otakikpo, began loading operations on Monday. Built by Green Energy Limited and located in the OML 11 block near Port Harcourt, it marks a milestone in local capacity. Shell (SHEL.L), opens new tab loaded the first crude cargo through the 360,000 bpd capacity terminal on Monday, opening up potential drilling prospects for over 40 stranded fields in the region. Similarly, Conoil Producing Limited ( opens new tab recently shipped the first cargo of its new Obodo crude blend from the onshore OML 150 in the Niger Delta. The cargo was lifted by Oando Trading, a subsidiary of Oando Plc ( opens new tab which bought ENI's ( opens new tab divested assets. Following this trend, Renaissance Africa Energy — after acquiring Shell's onshore assets — is committing to investing $15 billion over the next five years in its oil and gas operations. The company aims not only to balance its portfolio by increasing crude oil production but also to double its gas output once a key local gas pipeline is completed. Similarly, Seplat Energy ( opens new tab, following its acquisition of ExxonMobil's (XOM.N), opens new tab Nigerian shallow-water assets, recently announced plans to reopen 400 previously shut-in wells. CEO Roger Brown said the company is set to invest up to $320 million this year in drilling campaigns and infrastructure, with the goal of boosting crude production to around 140,000 barrels per day. "We are focused on reviving existing wells, expanding drilling campaigns, and increasing gas volumes," Brown said during the company's annual general meeting. While these developments show the increasing role local producers are playing amidst government reforms, they are also grappling with challenges. "These operators face higher costs due to security challenges, community disputes, oil theft and ageing infrastructure – a key aspect of reducing costs for operators will be addressing these challenges," said Mikolah Judson, an analyst at global risk consultancy, Control Risk. These local players, signal a new phase for Nigeria's oil and gas sector and could provide support for the government's plan to raise oil output by additional 1 million barrels per day (bpd) next year, head of Nigeria's oil regulator said. They now account for over half of Nigeria's oil production from around 40% before the oil majors completed their divestment programmes according to the regulator's data.
Yahoo
20-03-2025
- Business
- Yahoo
Pipeline damage in crisis state highlights Nigeria's oil sector challenge
A ruptured pipeline in Nigeria has sparked a political crisis that highlights the challenge of increasing output and revenues in Africa's biggest crude oil exporter, amid broader efforts to revamp the economy. Nigeria's economy is reliant on oil exports, with the commodity providing more than 90% of the country's foreign exchange earnings. Oil companies have often blamed vandalism and theft along pipelines for frustrating the country's ability to reap the rewards of global oil price highs in recent years. The Trans-Niger Pipeline runs through Nigeria's southern Niger Delta region with a capacity to carry 450,000 barrels of oil per day — about a third of the country's daily output — from production fields to an export terminal. Renaissance Africa Energy, a consortium of four local companies and a foreign partner, owns the pipeline network as part of onshore assets it acquired this year from the Nigeria subsidiary of the British oil giant Shell. On Monday, the company and police authorities confirmed an explosion at a section of the line in Rivers, Nigeria's third-largest state by internally-generated revenues after Lagos and the federal capital Abuja. A two-year power struggle between the state's governor and a legislature backed by a former governor, who is currently a federal minister, has erupted into a political crisis with potential repercussions for the national purse. Nigeria's President Bola Tinubu declared a state of emergency in Rivers within a day of the incident, suspending the state's governor and legislature for six months in an unusual step, and placing a temporary sole administrator in charge. Both houses of Nigeria's parliament ratified the move on Thursday. A spokesperson for Renaissance Africa said oil flows were 'successfully diverted' into unimpacted parts of the pipeline network on Wednesday after the damage to one section. Federal regulators began a joint investigation at the site on Thursday to determine the cause of the break, but 'production from the field has resumed into the facility,' the spokesman told Semafor. A timeline for repairing the damage is unclear at the moment, he said. The break in Rivers, also home to one of Nigeria's four state-owned refineries, is the latest high profile instance of a major breach to energy infrastructure. Eyewitnesses in the Mogho-Gokana community, where a section of the pipeline broke, told Nigerian broadcaster Arise TV that the likely cause was sabotage. Renaissance's initial assessment blamed arson for the break. Tinubu justified his emergency intervention in the state as necessary to restore order. But the emergency proclamation was denounced as either unwarranted or unconstitutional by the Nigerian Bar Association umbrella body for lawyers, Tinubu's two main rivals in the 2023 presidential election, and democracy advocacy groups. Kelvin Emmanuel, an energy economist in Abuja, said the president's action will 'most likely disrupt output for oil and aggregation for gas' in Nigeria's oil-producing states. The timing of the crisis is particularly unwelcome for Renaissance, he said, as the company navigates 'legacy liabilities' inherited from Shell, especially with respect to figuring out which assets require remediation, decommissioning and abandonment. Mucahid Durmaz, a London-based risk analyst covering West Africa for Verisk Maplecroft, expects some operational delays for Renaissance's operations in Nigeria but with limited impact in the long-term. The company has an interest in showing 'that local operators can address complex security challenges in Nigeria's oil and gas sector.' However, the attack could heighten investor apprehension and undermine Nigeria's recent success in increasing oil output, Durmaz said. Nigeria has improved security measures in the Niger Delta in a bid to combat oil theft which costs the country millions of dollars each month, reports Fidelis Mbah for Al Jazeera.
