Renaissance surpasses oil output target by 40% in first month

Renaissance Africa Energy Company Limited says it has outperformed expectations by surpassing its oil production target by 40 percent in its first month of operations, signalling strong early momentum in Nigeria’s oil sector.

The achievement, announced in a statement on Friday by company spokesperson Michael Adande, highlights Renaissance’s swift entry and immediate contribution to Nigeria’s energy landscape, according to a report by the News Agency of Nigeria (NAN).

Adande described the output surge as a significant boost for the joint venture (JV) and a positive sign for Nigeria’s oil production prospects and broader economic development.

The Nigerian National Petroleum Company (NNPC) Limited, which holds a 55 percent stake in the joint venture, commended Renaissance’s performance, hailing it as “sterling and remarkable.”

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In a letter signed by Udobong Ntia, NNPC’s executive vice president for upstream, the national oil firm acknowledged the JV operator’s performance for April 2025.

“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 letter stated.

NNPC expressed confidence that the strong start would spur the company to accelerate key initiatives aimed at boosting output while ensuring sustained base production.

The company also restated its commitment to working closely with Renaissance to grow output, cut costs, and align with evolving market conditions.

NNPC reaffirmed its goal to scale up Nigeria’s crude oil production to over 2 million barrels per day by 2025, with plans to sustain the momentum through 2027 and ultimately reach 3 million barrels per day by 2030.

Tony Attah, managing director and CEO of Renaissance, described NNPCL’s recognition as “encouraging and motivating.”

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“For us, it is a taste of the new beginning we have promised,” he said, adding that the company is assessing other high-impact projects and operational strategies to unlock further production potential while preserving existing output.

Attah credited the success to effective collaboration with host communities, government bodies, JV partners, and the commitment of the company’s workforce.

Renaissance Africa Energy Holdings officially took over operations from Shell Petroleum Development Company of Nigeria (SPDC) in December 2024, following final regulatory approvals from the federal government.