… receives FG’s mandate to achieve av. production of 226,421 bpd (gross) within Q1,2025

Oredola Adeola

Renaissance Africa Energy, a proudly Nigerian company backed by four leading Indigenous firms and one multinational, has officially launched with the unveiling of its logo—marking the dawn of a new era in the nation’s energy sector.

The launch follows the company’s $2.4 billion acquisition of a 30% participating interest in the Shell Petroleum Development Company (SPDC) Joint Venture from Shell International Plc.

The Nigerian National Petroleum Company Limited (NNPCL) retains a 55% stake in the venture, while TotalEnergies holds 10% and NAOC 5%, covering 15 onshore and three shallow-water Oil Mining Leases (OMLs).

Under the Federal Government’s directive, Renaissance Africa Energy is tasked with achieving an average production of 226,421 barrels per day (gross) within the first six months of 2025.

The landmark acquisition, executed by a consortium comprising ND Western Limited, FIRST Exploration & Petroleum Development Company, Waltersmith Group, Aradel Holdings PLC, and Petrolin, officially marks the end of SPDC’s 87-year presence in Nigeria’s energy landscape.

Speaking at the launch, Tony Attah, the newly appointed CEO, described the journey to acquiring Shell’s stake in the JV as one fueled by “belief, ambition, and courage.”

Regarding its brand identity, the company emphasized that the new logo is a bold statement of its vision for the future.

“This is just the beginning,” it stated. “The emblem represents a fresh symbol of innovation, passion, and unity. Today, we unveil the face of Renaissance.”

While this marks a transformative chapter for Nigeria’s oil and gas sector, Renaissance Africa Energy will face critical challenges, including oil theft, pipeline vandalism, and environmental concerns.

However, it is strategically positioned to leverage the opportunities provided by the Petroleum Industry Act (PIA) while ensuring community engagement.

The company enters the industry with a wealth of talent, experience, and a strong organizational structure.

Notably, it will retain key former Shell staff to ensure the smooth execution of its energy contract with Nigeria and its broader ambitions across Africa.

Collectively, the partner companies of Renaissance Africa Energy boast an asset base exceeding $3 billion and are currently producing approximately 100,000 barrels of oil per day across 12 OMLs.

Additionally, they operate two modular refineries in Nigeria’s Niger Delta.

Collectively, these companies have demonstrated remarkable growth and operational excellence, positioning themselves as key players in Nigeria’s energy sector.

Their individual successes have laid a strong foundation for the formation of Renaissance Africa Energy, poised to make significant contributions to the industry.

Aradel Holdings PLC, formerly Niger Delta Exploration and Production Plc, has grown into a leading Nigerian energy company with a strong presence across the upstream, midstream, and downstream sectors.

It operates the Ogbele Marginal Field in OML 54 and has pioneered critical refining projects, such as Nigeria’s first mini refinery in 2010 and the Ogbele Gas Processing Plant in 2012.

The company made history by listing its shares on the Nigerian Stock Exchange in 2024, becoming the largest oil and gas entity by market capitalization.

In terms of community relations, Aradel has invested in local development programs, providing infrastructure and social services to host communities to foster positive relations.

ND Western Limited, an independent oil and gas company, acquired a 45% stake in OML 34 from Shell in 2012 and has since increased production significantly, bolstering Nigeria’s domestic gas supply and power generation.

The company has played a crucial role in ensuring steady gas availability for industrial and residential use.

Its approach to community relations includes engagement with local stakeholders, employment opportunities for host community members, and corporate social responsibility (CSR) projects aimed at improving living standards in the Niger Delta.

FIRST Exploration & Petroleum Development Company (FIRST E&P) operates OMLs 83 and 85, focusing on offshore oil production.

The company has leveraged strategic partnerships and advanced technology to enhance output, consistently meeting production targets ahead of schedule.

In its community engagement efforts, FIRST E&P has implemented social investment programs, focusing on education, healthcare, and economic empowerment for coastal communities, ensuring sustainable development alongside its energy operations.

Waltersmith Group, known for its presence in exploration, production, and refining, operates the Ibigwe Field in OML 16 and launched a 5,000 BPD modular refinery in 2020, reducing Nigeria’s reliance on imported refined products.

Its community relations strategy is centered on local empowerment, including vocational training, infrastructure development, and sustainable employment initiatives.

Waltersmith has also prioritized environmental responsibility by implementing measures to mitigate the ecological impact of its operations.