Renaissance Adds 100,000 Barrels to Nigeria’s Oil Production in First 100 Days
Renaissance Africa Energy Company Limited (RAE) says it added approximately 100,000 barrels of oil to its portfolio and Nigeria’s production within the first 100 days of taking over operatorship of its assets in March 2025.
The company also announced plans to raise oil production to 500,000 barrels per day by 2030 and expand its overall production portfolio to one million barrels of oil equivalent per day within the same period.
The targets will be supported by increased gas production and investments in exploration, development and infrastructure-led opportunities aimed at strengthening Nigeria’s energy security and industrial growth.
RAE’s Managing Director and Chief Executive Officer, Engr. Tony Attah, disclosed the plans in a keynote address delivered on his behalf by the company’s Vice President, Exploration, Dr. John Bosco Uche, at a pre-conference workshop organised by the Nigerian Association of Petroleum Explorationists (NAPE).
The workshop, themed “Navigating Nigeria’s Upstream Future: Exploration and Development Approaches vs. Energy Security Demand,” focused on expanding petroleum reserves, accelerating project execution and meeting Nigeria’s growing energy requirements.
Attah said the company’s operating strategy rested on three priorities: safely taking over inherited assets, stabilising operations and increasing production.
Beyond the oil production gains recorded during its first 100 days, he said Renaissance had maintained gas exports while increasing domestic gas supply. Further expansion is planned to support industrialisation and meet the country’s energy needs.
He stressed that Nigeria’s energy security would depend less on the size of its hydrocarbon resources than on its ability to translate those resources into dependable supply, jobs, industrial output and better living conditions.
Despite Nigeria’s substantial oil and gas endowment, he noted that millions of people still lacked reliable energy. The true measure of energy security, he said, was whether those resources could power homes, factories, hospitals and schools.
Attah called for closer integration of exploration, development and production to meet immediate demand while safeguarding future supply.
“Exploration creates options. Development transforms options into projects. Production converts projects into energy, and energy security exists only when all these three operate as an integrated value chain,” he said.
He warned that inadequate investment in exploration would weaken reserve replacement, undermine future production and threaten long-term energy security.
According to him, current production reflects discoveries and investments made in previous years, making the continuous identification of new resources essential to sustaining the industry.
The Renaissance chief also called for shorter timelines between discovery and first production, arguing that the speed of bringing projects on stream had become as important as the volume of resources available.
“Energy security is not only about volume; it is about velocity,” he said.
He explained that discoveries left undeveloped for decades could do little to address the immediate needs of a growing economy.
To accelerate delivery, Attah identified infrastructure-led exploration as a central element of Renaissance’s near-term strategy.
He said the company intended to leverage existing facilities, technical knowledge and data to unlock additional value from mature assets while reducing development costs and the time needed to bring discoveries into production.
On natural gas, Attah described the resource as a major opportunity to transform Nigeria’s economy through stronger manufacturing, improved industrial competitiveness, job creation and wider access to reliable energy.
“Gas is not merely a transition fuel for Nigeria; it is our transformation fuel,” he said.
He maintained that directing more gas towards productive domestic use would help the country secure greater economic benefits from its resources.
Attah also highlighted the importance of indigenous expertise, technology and workforce development in building a sustainable upstream industry.
He said the growing role of Nigerian operators involved more than the transfer of assets, placing greater responsibility on indigenous companies to develop resources and generate lasting value.
Artificial intelligence, digital technologies and advanced software, he added, could improve exploration decisions, advance prospects towards development and strengthen operational performance.
He disclosed that Renaissance had tested several digital solutions and planned further technology deployment to improve the identification and development of exploration opportunities.
As part of its human capital development plans, the company intends to recruit more than 100 young graduates by November 2026 to strengthen its workforce and deepen local technical capacity.
Attah said the industry must also balance environmental responsibility with the need to supply affordable and reliable energy for economic development.
He urged stakeholders to prioritise investment, collaboration and execution, noting that Nigeria’s petroleum resources would deliver lasting benefits only if discoveries were developed and brought into production at a pace consistent with national demand.
Clear leadership and disciplined project delivery, he said, would be critical to turning the country’s oil and gas potential into energy security, industrialisation and shared prosperity.