The Federal Government, under President Bola Tinubu, has emphasized its commitment to attracting more investments into Nigeria’s oil and gas industry as part of ongoing reforms in the energy sector.
Olu Verheijen, Special Adviser to the President on Energy, highlighted this objective on Monday in Abuja while receiving Tony Attah, Managing Director and CEO of Renaissance Africa Energy Company Limited. Verheijen noted that the government is prioritizing investment-friendly reforms to meet national production targets. She congratulated Renaissance Africa for its achievements, including the recent increase in oil and gas output, and encouraged the company to continue expanding drilling operations and opening new wells.
The call for increased investment aligns with the government’s strategy to boost crude oil production and revenue generation. Renaissance Africa Energy, formerly Shell Petroleum Development Company Limited (SPDC), has seen its oil production rise by over 40% within 150 days following its acquisition and rebranding earlier this year. The company continues to operate as the joint venture operator under the new name.
Tony Attah commended the government’s reform-driven environment, noting that three recent Executive Orders have created significant improvements in the sector. He credited these measures for enabling Renaissance Africa’s success, enhancing operational efficiency, and strengthening energy security and industrialization.
Attah further revealed that the company’s strategy to improve work processes and employee conditions has resulted in a roughly 40% increase in daily crude oil production. He added that Renaissance Africa is now meeting its contractual gas supply obligations to Nigeria Liquefied Natural Gas (NLNG) Limited for the first time in over five years.
The administration’s focus on creating an investment-enabling environment continues to be a cornerstone of its plan to grow the oil and gas sector and support Nigeria’s broader economic development.
