Renaissance Aims for 500,000 bpd Oil Production by 2030
The Renaissance African Energy Company Ltd. has set an ambitious goal to boost Nigeria’s oil and gas output by achieving 500,000 barrels per day (bpd) of crude oil production by 2030. Mr. Enobong Ekanem, the General Manager of Business Relations, revealed this during a two-day oil and gas seminar in Abuja. The event, organized in collaboration with the Public Service Institute of Nigeria (PSIN), aimed to educate senior government officials on how their policy decisions impact the oil and gas sector.
Ekanem highlighted that the company, which took over operations from Shell Petroleum Development Company (SPDC) at 140,000 bpd, is targeting 300,000 bpd by the end of 2026. He also mentioned plans to increase gas exports to two billion standard cubic feet (scf) by 2026 and add 300 million scf of gas to Nigeria’s domestic market through the “Sunu” project. By 2030, the company aims to supply one billion scf of gas domestically and two billion scf for export, alongside 500,000 bpd of oil.
Achieving these targets requires effective collaboration between the private sector and public servants, Ekanem emphasized. He noted that the oil and gas sector remains crucial to Nigeria’s economy, providing foreign exchange earnings. Increased domestic gas supply will support industries, including fertilizer and LPG plants, and contribute to job creation and industrialization. The company’s vision also includes eliminating energy poverty by providing a safer and cleaner energy source for cooking.
Mrs. Ime Okon, Administrator of PSIN, stated that the collaboration aims to strengthen the capacity of public servants to improve service delivery. The seminar exposed participants to public service rules, financial regulations, and succession planning, ensuring that officials understand their roles in supporting the oil and gas sector. The event was attended by industry leaders, government officials, and senior military and paramilitary officers.