Nigeria's oil production outlook has brightened as Renaissance, the new owner of Shell's onshore assets, announced plans to raise output to 500,000 barrels per day (bpd) in the medium term while pledging full compliance with domestic crude obligations.
Speaking at the African Energy Week in Cape Town, Renaissance Managing Director Tony Attah said the company was focused on expanding production and supporting Nigeria's energy security. He noted that Renaissance was already meeting supply commitments with local refiners.
The company completed its $2.4 billion acquisition of Shell's onshore portfolio on March 13, taking control of 18 oil blocks, infrastructure, and a large workforce. Attah described the deal as "a new African energy vision driven by scale, governance, and leadership."
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Since the handover, Renaissance said it has raised output from 140,000 bpd to 240,000 bpd within its first 100 days, crediting tighter security, improved operations, and renewed staff motivation. The company aims to hit 300,000 bpd by 2025 before reaching the 500,000 bpd milestone.
Industry data shows Nigeria pumped 1.63 million bpd in September, meaning Renaissance's near-term contribution could help push national production close to 1.7 million bpd. Achieving its long-term target could lift output above 2 million bpd, strengthening fiscal stability for Africa's top oil producer.
Attah said while crude remains Renaissance's primary focus, gas development is also a strategic priority. He added that the company seeks to redefine expectations for indigenous operators by balancing commercial success with developmental impact.
