Sopuruchi Onwuka

Managing Director and Chief Executive Officer of the Renaissance Africa Energy Company Limited, Mr. Tony Attah, and the Special Adviser to the President on Energy, Mrs Olu Verheijen, have positively rated the presidential executive orders in the petroleum industry as enabler of growth.

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Mr Attah who visited Mrs Verheijen in Abuja agreed with her that the executive orders churned out by President Bola Tinubu to facilitate the ongoing reforms in the industry have delivered the key objective of propelling production growth in the industry.

Mrs Olu Verheijen who hosted visiting delegation from Renaissance Africa Company Limited on Monday stated that the goal of attracting more funds and investments to grow the country’s industrialization remains at the centre of government’s decision to devote more executive attention to ongoing reforms in the energy sector.

Oracle Intelligence reports that the federal government had in the 2025 budget proposals projected crude oil output of over 2 million barrels per day and oil price of $75 dollars per barrel; estimates that have remained unmet by the industry.

Consequently the president has since handed a new mandate on the industry to drive towards meeting the national economic aspirations in the petroleum industry by growing production by over a million barrels per day in the immediate to short term.

Mrs Vetrheijen expressed happiness that indigenous oil and gas production companies have aligned with the objectives of the reforms by staking significant investments oilfield programmes and enhanced oil recovery.

“This is why we continue to work on investment-enabling reforms with a bid to achieving national targets. I congratulate Renaissance Africa Energy Company Limited because you have done a good job so far in increasing oil and gas production. Understandably, we continue to look forward to the opening of new wells and new drilling activities,” she said.

She commended Renaissance Africa on 40% oil production increase within 150 days of acquiring the operating interest of Shell in the defunct NNPC/Shell/Total/Eni joint venture.

It would be recalled that Renaissance Africa Energy Holdings Company Limited successfully acquired the stake of Shell in the joint venture previously operated by defunct Shell Petroleum Development Company (SPDC) Limited with the Nigerian National Petroleum Company (NNPC) Limited. Other parties in the joint venture are TotalEnergies and Eni.

Mr Attah stated at the Abuja meeting that the company’s smooth progress and significant uptick in production volumes were enabled by the improved operating environment provided by the government through the executive orders.

“On our part, we must also commend your office for the three Executive Orders that have brought revolutionary changes, especially to the Oil and Gas sector. Our company, Renaissance Africa’s success since came onboard is because we are riding on that enabling environment that the government of President Bola Ahmed Tinubu has provided. I particularly commended the Special Adviser on Energy and your team for your tenacity in following this required path.”

“This enabling environment that you are creating has further emboldened us in our drive to achieve our vision to be Africa’s leading energy company enabling energy security and industrialization in a sustainable manner.

“We are glad too that we are seeing immediate results from our strategy to improve work processes and conditions which have, in turn, galvanized our employees, improved daily crude oil production by about 40%, and returned Renaissance Africa and the joint venture to a position where we are now fulfilling our contractual gas supply quantities to the NLNG Limited (Nigeria Liquefied Natural Gas) – for the first time in over 5 years,” he said.