Renaissance Boosts Oil Production by 40% Within Four Months of Acquiring Shell Assets

Renaissance Africa Energy Company Limited has achieved a 40% increase in oil production just over four months after acquiring a 100% equity stake in Shell Petroleum Development Company (SPDC) — a milestone that marks a significant advancement for Nigeria’s oil and gas industry.

The landmark acquisition was completed in March 2025, following a Sale and Purchase Agreement signed with Shell in January 2024, and subsequent regulatory approvals.

Speaking at the 2025 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) in Lagos, Renaissance CEO Tony Attah — represented by Chief Technical Officer Abdulrahman Mijinyawa — unveiled the company’s growth strategy. He emphasized Renaissance’s commitment to partnering with the government and industry players to position Nigeria as a leading energy hub in Africa.

Since taking over SPDC’s equity, Renaissance has:

• Significantly boosted crude oil production

• Restored uninterrupted gas supply to the Nigeria LNG plant — a feat not achieved in over five years

“While we operate from the Niger Delta, our aspirations are continental. Our vision is wholly Afrocentric,” said Attah.

Renaissance now operates Nigeria’s largest upstream joint venture alongside NNPC Limited, TotalEnergies, and Agip Energy and Natural Resources Limited, spanning both onshore and shallow-water terrains. The ownership structure of the JV is as follows:

• NNPC Limited – 55%

• Renaissance – 30%

• TotalEnergies – 10%

• AENR – 5%

Attah credited the company’s rapid success to its core CRISP values:
Collaboration, Respect, Integrity, Safety, and Performance, stating that these principles drive every aspect of Renaissance’s operations.

He reiterated the company’s dedication to industrialization, job creation, and economic growth, and called for stronger collaboration among stakeholders to ensure energy security and a more investment-friendly environment in Nigeria.

“NAICE remains a vital platform for addressing Nigeria’s energy challenges through innovation and global partnerships,” he added.

About Renaissance:
Renaissance is a consortium of four Nigerian independent oil and gas companies — ND Western Limited, Aradel Holdings Plc, First Exploration and Petroleum Development Company Limited, and the Waltersmith Group — all with significant operational expertise in the Niger Delta. The group also includes Petrolin, an international energy company with global trading experience and a pan-African focus.