Renaissance Aims to Boost Nigeria’s Oil Production Above 2 Million BPD with Shell Onshore Takeover
Nigeria’s oil production could soon surge past the two million barrels per day (bpd) milestone, as Renaissance, the new owner of Shell’s onshore assets, announced ambitious plans to expand output and strengthen the country’s energy security. Speaking at the African Energy Week in Cape Town, Renaissance Managing Director Tony Attah confirmed that the company aims to reach 500,000 bpd in the medium term, backed by fresh financing and operational improvements.
The $2.4 billion acquisition, completed on March 13, marked Nigeria’s largest oil deal to date, transferring 18 oil blocks, extensive infrastructure, and a significant workforce from Shell to Renaissance. “We want to become a truly African company. Africa is our vision, and we intend to deliver it through scale, governance, and leadership,” Attah said, emphasizing that the deal is more than a mere change of ownership—it’s a commitment to the continent’s energy future.
Since taking over, Renaissance has made notable progress. Within its first 100 days, the company increased output from roughly 140,000 bpd to 240,000 bpd, thanks to improved security, operational efficiency, and heightened staff motivation. “Many Nigerians felt challenged by the takeover, but also inspired to prove that we could run these assets successfully,” Attah noted, reflecting growing confidence among employees and stakeholders.
Renaissance plans to further raise production to 300,000 bpd by the end of 2025 through ongoing drilling campaigns and the completion of new wells, with the long-term goal of 500,000 bpd. If fully realized, this expansion would significantly contribute to Nigeria’s oil recovery, potentially lifting national output above two million bpd—a key threshold for the country’s fiscal stability given its reliance on crude revenue.
While crude oil remains the company’s primary focus, Renaissance also highlighted gas as a strategic priority. By positioning itself as both a commercial operator and a developmental partner, the company aims to redefine expectations for indigenous oil operators. However, analysts caution that achieving these ambitious targets will require careful navigation of security challenges, regulatory oversight, and sustained investment.
source: the guardian