Seplat, Oando, Renaissance, Nembe Set to Boost Nigeria’s Oil Production

At the recently concluded NOG Energy Week conference in Abuja, several leading indigenous oil and gas companies expressed their commitment to increasing Nigeria’s oil production. Executives from Seplat, Oando, Renaissance Africa Energy Company, and Nembe Exploration and Production Company shared insights on ongoing efforts, achievements, and challenges in the sector.

Speaking during a panel session titled “Harnessing Africa’s Energy Shift: From Acquisition to Optimisation,” Roger Brown, Chief Executive Officer of Seplat Energy, emphasized the depth of talent in Nigeria’s oil and gas industry. He pointed to skilled professionals in Seplat, Shell, Chevron, ExxonMobil, and other international oil companies, describing them as highly trained and experienced. He noted that these professionals have made tremendous contributions to the industry.

Brown stressed the importance of community engagement in sustaining growth and shared the success of Seplat’s community projects and model. He explained that petroleum remains a long-term business and that indigenous operators are not stepping away from the scene. According to him, walking away from the sector is not an option, as it represents a long-term commitment to the country.

Addressing financial constraints, he highlighted cash calls as a major factor influencing the sector’s growth. Brown revealed that Seplat operates five gas plants in Oben and Sapele and processes about 2.5 trillion cubic feet of gas daily. He said the company aims to monetize this gas through sales to the Nigeria LNG and other domestic projects. This, he added, would significantly boost Nigeria’s onshore production and contribute to exports, enhancing the country’s oil and gas profile. He reiterated that indigenous companies are focused on increasing national output.

Dr. Layi Fatona, Chairman of Renaissance Africa Energy Company, also contributed to the discussion. He observed that indigenous and independent operators benefit from being based within the country. This local presence, he argued, offers them unique advantages, particularly in understanding host communities and responding effectively to challenges.

Recalling his experience with Niger Delta Exploration Company, Fatona said the company initially had little direct connection with host communities, but the communities knew the company well. This familiarity provided access and trust, which became critical for the business. He noted that indigenous companies have made remarkable progress, particularly through asset acquisitions and daily production growth, despite the fact that many of these assets are mature and technically demanding.

Fatona disclosed that Renaissance, despite being only 104 days old, had already increased production from 140,000 to 240,000 barrels per day. In addition, it delivered 1.9 trillion cubic feet of gas for the first time in five years. He described this as a significant milestone, particularly in a country that urgently needs increased oil and gas production. He credited the achievement to the mandate given by Nigeria’s two petroleum ministers.

He emphasized that success is not only about speed, but also about diligence, safety, and care for people and the environment. Renaissance, he said, is committed to high standards in all its operations and has absorbed over 1,700 staff and more than 5,000 contract workers as partners. The company plans to use every resource and partnership available to meet its vision of sustained production growth while upholding environmental and community responsibilities.

Dr. Alex Ainojie, Managing Director of Oando Energy Resources, spoke next, emphasizing the urgency of current opportunities. He warned that failure to get things right now could mean missing a historic window. He praised the Nigerian National Petroleum Company for its focus and commitment, stating that for the first time, the national oil company is undistracted and resolute.

Ainojie pointed out that resolving security and community issues is critical and must begin at home. He called for open dialogue among stakeholders and a willingness to work together to overcome challenges and move the sector forward.

Victor Okoronkwo, Group Managing Director of Nembe Exploration and Production Company, provided insights into the company’s journey. He noted that Nembe was born out of Aiteo Group’s acquisition of OML 29 in 2014. The acquisition, which cost $3 billion, was the largest investment in Nigeria’s oil industry at the time. He emphasized that no other firm had since made a comparable investment, despite several announcements of Final Investment Decisions.

When Aiteo acquired the asset, it was producing 14,000 barrels per day, which had previously been increased from 25,000 barrels per day. Under Aiteo’s management, production rose dramatically to 90,000 barrels per day, reflecting the company’s in-country expertise and operational capacity.

However, the company faced significant setbacks due to oil theft and infrastructure vandalism. Aiteo operates a critical infrastructure with a 60,000-barrel-per-day capacity and five injectors, all of which were affected. These disruptions halted production for over a year and led to severe cash flow issues. Okoronkwo revealed that it was only through the resilience of investors and shareholders that the company survived.

In a move to strengthen its identity, Aiteo has rebranded its Floating Production Storage and Offloading (FPSO) unit as the Nembe Crude Export Terminal. The company continues to face challenges in de-risking its assets, but remains committed to long-term participation in Nigeria’s oil and gas industry.

Each of the speakers reiterated a common message: Nigeria’s indigenous oil producers are here to stay. Despite facing multiple hurdles, they are determined to expand operations, build local capacity, and contribute meaningfully to national production targets. Their resilience and drive signal a promising future for Nigeria’s oil and gas sector.