The Federal Government of Nigeria has called on indigenous oil companies to scale up crude oil production to meet both domestic and export demands while increasing revenue remittance to the national treasury.
The appeal, made by Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, underscored the urgent need for action as Nigeria struggles to meet its 2025 budget production benchmark of 2.1 million barrels per day.
Current output remains stagnant at approximately 1.5 million barrels per day, raising concerns about the country’s energy sustainability and fiscal health.
“If you look beyond the brand names like Shell, ExxonMobil, or Chevron, you’ll find that the talent powering those companies, especially here in Nigeria, are Nigerian.
“We believe in their capacity to efficiently manage these assets.”
Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil)
The minister underscored the strategic role of ownership transitions from International Oil Companies (IOCs) to Nigerian firms, arguing that localized ownership allows for faster decision-making and greater operational flexibility.
“The transfer of ownership from IOCs to Nigerian firms would lead to increased output. Divestment is a global industry practice.
“To attract investments, you must also create an environment where investors can divest when they choose to.”
Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil)
He praised the Tinubu administration for accelerating the resolution of regulatory delays, particularly around divestments, which he said had helped “unlock new investment flows” into the sector.
At the center of this transformation is Renaissance Africa Energy, a consortium of Nigerian and international investors that recently finalized the acquisition of the Shell Petroleum Development Company of Nigeria.
The landmark deal marked the conclusion of protracted negotiations and regulatory scrutiny, and positions Renaissance as a key player in Nigeria’s upstream oil landscape.
The Renaissance consortium comprises ND Western Limited, Aradel Holdings PLC, FIRST Exploration & Petroleum Development Company Limited, Waltersmith Group, and Petrolin Limited.
Collectively, the group manages assets valued at over $3 billion and is now responsible for producing around 100,000 barrels of oil per day across 12 Oil Mining Leases (OMLs).
The consortium also operates two modular refineries in the Niger Delta, reinforcing its end-to-end operational capacity.
Senator Lokpobiri challenged the newly formed entity to exceed expectations and lead the charge in increasing national production.
“We expect Renaissance to raise the bar.
“The success of this acquisition will be measured not just in barrels, but in jobs created, communities impacted, and revenue remitted.”
Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil)
Commitment to National Development
In response, Renaissance CEO Dr. Tony Attah echoed the minister’s call and reiterated the consortium’s commitment to advancing Nigeria’s energy goals.
“Shell’s work in Nigeria was ultimately in service of its home country’s development.
“Renaissance is here to run the same operations—but with the goal of driving Nigeria’s growth. That, to me, is the key difference.”
Renaissance CEO Dr. Tony Attah
Dr. Attah emphasized that Renaissance, while benefiting from international backing, is fundamentally a Nigerian-led venture.
“We are not here just to operate. We are here to deliver performance, and more importantly, national impact.”
Renaissance CEO Dr. Tony Attah
The acquisition is widely viewed as a test case for the future of indigenous participation in Nigeria’s oil sector.
As the country navigates a challenging fiscal landscape and global energy transition, stakeholders see local ownership and accountability as vital to sustainable development.
Nigeria’s dependence on oil revenues means that every dip in production significantly affects budget execution, foreign reserves, and macroeconomic stability. The government’s message is clear: ownership is not enough—performance matters.
The collaboration between government and indigenous firms will be pivotal in ensuring long-term stability and shared prosperity in the oil and gas sector.
If Renaissance and others succeed in scaling production and managing these assets responsibly, Nigeria could begin closing the gap between potential and performance in its oil sector.
READ ALSO: Edudzi Tamakloe Defends Mahama’s Suspension of Chief Justice
