The Federal Government has called on indigenous oil companies to step up crude oil production to meet local and international demands while boosting revenue contributions to the nation’s coffers.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made the appeal on Wednesday while receiving the management team of Renaissance Africa Energy at the Ministry’s headquarters in Abuja. The visit follows the company’s successful acquisition of Shell Petroleum Development Company of Nigeria (SPDC), marking a landmark moment in the country’s energy transition.
The Renaissance consortium comprising ND Western Limited, Aradel Holdings Plc, FIRST E&P, Waltersmith Group, and international partner Petrolin will now jointly manage oil and gas assets valued at over $3 billion, producing approximately 100,000 barrels per day across 12 oil mining leases. The group also owns and operates two modular refineries located in the Niger Delta region.
In his remarks, Lokpobiri said the administration was optimistic that Nigerian-led management of previously foreign-owned assets would yield significant improvements in production and operational efficiency.
“With these assets now under indigenous control, key decisions affecting Nigeria’s energy future will no longer be made in distant corporate boardrooms but here at home,” the minister stated. “We believe Nigerian companies are capable, committed, and equipped to manage these assets even better.”
He noted that despite Nigeria’s oil production stagnating at 1.5 million barrels per day well below the 2.1 million barrels per day budget target there was potential to bridge the gap through increased activity from newly empowered local firms like Renaissance.
The minister described divestment by international oil companies (IOCs) as a global norm, emphasizing that investment inflows are tied to the freedom of both entry and exit.
“Divestment is a natural process in a free market. What matters is how we manage the assets going forward. If you look closely at Shell, ExxonMobil, Chevron strip away the names and what remains is Nigerian talent running the operations,” Lokpobiri added.
He tasked Renaissance Africa Energy with delivering on its promise by scaling up production and helping to restore Nigeria’s reputation as a leading oil producer in Africa.
In response, Tony Attah, CEO of Renaissance Africa Energy, pledged that the consortium would deliver beyond expectations.
“Shell did its job in developing its own home countries. We, as Renaissance, are here to do the same perhaps better to build Nigeria. This isn’t just a business move; it’s a national mission,” Attah said.
He emphasized the company’s ambition to not only lead the energy space in data terms, but to assume practical leadership in Africa’s energy future.
“In telecoms, in banking, even in entertainment, Nigeria is already a continental leader. It’s time energy takes its place in that lineup. We have the talent, the ambition, and now, the opportunity.”
The Federal Government’s renewed support for indigenous energy companies comes amid broader reforms to localize control, deepen investment in critical infrastructure, and reduce capital flight in Nigeria’s oil and gas sector.
