The Federal Government has once again called on Nigeria-based oil companies to increase their crude oil production to meet local needs, support exports, and grow national revenue.
Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), addressed Renaissance Africa Energy executives in Abuja.
Renaissance recently acquired Shell’s onshore oil assets in Nigeria, gaining control of significant production sites.
Renaissance Africa Energy, a partnership with ND Western, Aradel, FIRST E&P, Waltersmith, and Petrolin, manages oil assets worth $3 billion.
During the meeting, Lokpobiri stressed that Nigeria has some of the most experienced workers in Africa’s oil and gas industry, but current production levels remain low. Nigeria is producing around 1.5 million barrels per day far below the 2025 target of 2.1 million barrels.
Lokpobiri emphasized that Nigeria has highly skilled workers in Africa’s oil and gas sector, yet production levels remain low.
Challenges in Oil Production
Nigeria currently produces about 1.5 million barrels daily, which is significantly below the 2025 target of 2.1 million barrels.
The minister stated that local control of the assets enables faster decision-making within the country. He described the move as a positive step, emphasizing, “Divestment is a global norm. Welcoming investments requires allowing divestment as well.” The Tinubu administration facilitated this process.
Lokpobiri expressed confidence in Nigerian firms, noting that most of the technical work in multinational oil companies in Nigeria has long been handled by Nigerians. He urged Renaissance to prove itself by improving production.
In response, Renaissance CEO, Dr Tony Attah, said the company is proudly Nigerian and is determined to perform better than Shell. He said Renaissance’s mission is to use the assets to develop Nigeria not foreign countries.
“It’s time for Nigeria to take centre stage in energy, just like we’ve done in entertainment, telecoms, and banking. We want to lead in energy not just on paper, but in reality,” Attah said.
