Renaissance Targets Half-Million Barrels of Oil Daily by 2030
The Renaissance African Energy Company Ltd. has set an ambitious target of producing 500,000 barrels per day (bpd) of crude oil by 2030, aiming to significantly boost Nigeria’s oil and gas output. Mr. Enobong Ekanem, General Manager of Business Relations, announced this goal during a two-day oil and gas seminar in Abuja on October 6, 2026. The company, which took over operations from Shell Petroleum Development Company (SPDC) at around 140,000 bpd, is currently targeting 300,000 bpd by the end of 2026 and plans to further increase production to 500,000 bpd by 2030.
Ekanem emphasized the importance of collaboration between the private sector and public servants to achieve these targets. He highlighted that effective policy decisions and regulatory support are crucial for setting the country on the right path. The seminar, organized in collaboration with the Public Service Institute of Nigeria (PSIN), aimed to educate senior government officials on how their responsibilities impact oil and gas production and the broader economy.
In addition to oil production, the company is targeting two billion standard cubic feet (scf) of gas for the export market in 2026 and plans to bring the “Sunu” project online, which will add 300 million scf of gas to Nigeria’s domestic market. By 2030, the company aims to supply one billion scf of gas domestically and two billion scf for export, alongside the 500,000 bpd of oil. Ekanem stressed that increasing domestic gas supply will support various industries, including fertiliser and LPG plants, and contribute to job creation and economic growth.
Mrs. Ime Okon, Administrator of PSIN, noted that the collaboration with Renaissance was aimed at strengthening the capacity of public servants to improve service delivery. She highlighted the importance of understanding public service rules and financial regulations to enhance efficiency in the oil and gas sector. The seminar also covered topics such as succession planning and the role of public servants in supporting the development of Nigeria’s oil and gas infrastructure.