By| Goodluck E.Adubazi | Abuja
Renaissance Africa Energy Company Nigeria Ltd has credited regulatory reforms by the Nigerian Upstream Petroleum Regulatory Commission for its latest production milestone, announcing a record gas output of 2.2 billion cubic feet (bcf).
The company’s Managing Director and Chief Executive Officer, Tony Attah, disclosed this during a visit to the Commission’s headquarters in Abuja on Tuesday, marking Renaissance’s one-year anniversary.
Attah praised the Commission’s role in creating an enabling business environment, describing its leadership as unmatched across Africa’s energy sector. He said the company’s recent achievement reflects the impact of improved regulatory support.
“We do not have a better team to drive the industry in the whole of Africa than the NUPRC team,” he said, adding that the company surpassed its production expectations ahead of schedule.
Renaissance has now set a new target of 3bcf gas production by 2030, up from its earlier projections.
According to Attah, the milestone was made possible through close collaboration with the regulator, particularly in facilitating field development plans.
“We aim to execute between 10 and 15 Field Development Plans annually, and this will require sustained support from the Commission,” he added.
In response, the Commission Chief Executive, Oritsemeyiwa Eyesan, said the company’s performance underscores the success of Nigeria’s recent divestment strategy in the oil and gas sector.
Eyesan noted that while Nigeria’s hydrocarbon production had previously declined from over 2 million barrels per day to about 900,000 bpd, the sector is now experiencing a rebound.
“We are back on an upward trajectory, and Renaissance will play a major role in that story,” she said.
She acknowledged earlier concerns about whether indigenous firms could effectively manage assets divested by international oil companies but said Renaissance has proven those fears unfounded.
“The apprehension was whether Nigeria could step into the shoes of international operators. Today, Renaissance has demonstrated that those concerns were misplaced,” she added.
Renaissance emerged from the recent divestment of onshore assets by global oil majors, including the acquisition of assets from Shell Petroleum Development Company of Nigeria, signaling a shift toward greater indigenous participation in Nigeria’s upstream oil and gas industry.
The NUPRC reaffirmed its commitment to supporting operators, calling for stronger collaboration across the sector to sustain production growth and industry performance.
