Shell successor, Renaissance, surpasses oil output target by 40% in one month

Shell successor, Renaissance, surpasses oil output target by 40% in one month

Renaissance Africa Energy Company Limited, the consortium that acquired the former Shell Petroleum Development Company (SPDC), says it exceeded its production target by 40 per cent within the first month of operation.

A statement by its spokesperson, Michael Adande, said Renaissance had demonstrated immediate impact by surpassing production targets by 40 percent.

The News Agency of Nigeria reports that although Renaissance did not state the actual volume of output, SPDC hitherto produced around 290,000 barrels of oil equivalent per day from onshore and shallow waters in the Niger Delta.

According to Adande, this early success above set target by the Joint Venture (JV) signals a positive trajectory for Nigeria’s oil output growth and economic prosperity.

The statement noted that Nigerian National Petroleum Company Limited with 55 percent interest in the JV described Renaissance’s operations as “sterling and remarkable”.

“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,” Renaissance quoted the NNPCL as saying in a letter to Renaissance, signed by its Executive Vice President, Upstream, Udobong Ntia.

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The NNPCL said it hoped that the April performance would spur the company “towards accelerating the realisation of the initiatives for incremental production volumes while protecting the base.

“NNPC stated that it was committed to supporting the JV operator ‘to explore collaborative opportunities, not only for production growth, but also for cost discipline given the current realities of our price environment’.

“It reiterated its ambition to work with its partners to grow crude oil production to over two million barrels per day by 2025, sustained through 2027 and 3 million by 2030.”

Adande quoted Managing Director and Chief Executive Officer of Renaissance, Tony Attah, as describing the recognition from the NNPCL as encouraging and motivating.

“For us, it is a taste of the new beginning we have promised.” he said

He said that the Renaissance team was “already assessing additional high-impact initiatives and operational enablers capable of unlocking incremental production volumes while ensuring the integrity and protection of our existing base production”.

He noted that the early success of the operations of Renaissance was a product of strong collaboration with key community and government stakeholders, the JV partners and the commitment of the workers.

 

Shell successor, Renaissance, surpasses oil output target by 40% in one month