Renaissance Exceeds Oil Output Target by 40% in First Month

Renaissance Africa Energy Company Limited stated on May 16 that it exceeded its production target by 40% within its first month of operation.

This achievement signifies a promising start for the consortium, which bought Shell Petroleum Development Company (SPDC) JV assets for $2.4 billion.

The Nigerian National Petroleum Company Limited (NNPC Ltd), which holds a 55% stake in Renaissance, lauded the company’s performance as “sterling and remarkable.”

In an official letter, NNPC’s Executive Vice President, Upstream, Mr. Udobong Ntia, complimented Renaissance Africa on surpassing its April 2025 production targets.

Furthermore, NNPC pledged its support to the JV operator in “exploring collaborative opportunities, not only for production growth, but also for cost discipline given the current realities of our price environment.”

Renaissance Acquisition of SPDC Assets

In January 2024, Shell PLC announced its decision to sell its stake in the Shell Petroleum Development Company of Nigeria Limited (SPDC).

The buyer, Renaissance Africa Energy Company Limited, is a consortium of five leading Nigerian exploration and production companies.

These include FIRST E&P, ND Western, Aradel Energy, Waltersmith, and Petrolin.

The acquired assets include:

• 15 onshore OMLs and 3 shallow-water OMLs, totalling 18 oil licenses.
• Over 250 producing oil wells, with 189 located in the western assets and 61 in the eastern assets.
• Around 37 producing gas wells, comprising 4 in the western assets and 33 in the eastern assets.
• A network of about 5,000 kilometers of oil and gas pipelines (Trans Niger Pipeline).
• Two major onshore oil export terminals (Bonny and Forcados).
• Flow stations and gas plants.
• About. 6.73 billion barrels of oil equivalent, along with 56.3 trillion cubic feet of associated and non-associated natural gas

Operational Challenges Ahead for Renaissance Africa

Despite its impressive first-month performance, Renaissance Africa Energy Company Limited faces operational and strategic challenges.

For instance, Renaissance acquired legacy assets from Shell, many of which were developed decades ago. These include flow stations, pipelines, and terminals that have not received considerable upgrades in years.

Also, the threat of oil theft and pipeline vandalism remains a top concern. The Trans Niger Pipeline is constantly targeted by militants, vandals, and oil bunkers.