Renaissance Africa Energy – a consortium of Nigerian oil companies – has announced a $15 billion investment plan over the next five years to develop its newly acquired onshore and shallow water oilfields in Nigeria’s Niger Delta.
The investment will support 32 oil and gas projects aimed at increasing oil production, expanding domestic gas supply and improving export capacity. The company plans to focus on four new oil development zones and 22 gas export-related projects.
The announcement follows Renaissance Africa Energy’s acquisition of energy major’s Shell’s Nigerian subsidiary Shell Petroleum Development Company of Nigeria (SPDC) in March 2025. The $1.3 billion acquisition covers a 100% equity stake in SPDC, and subsequently, all of the firm’s onshore assets in Nigeria.
“We acquired 112,000 km2 of acreage formerly held by SPDC, and our priority now is rebalancing the gas-heavy portfolio with increased oil production and a robust domestic gas supply strategy,” said Greg Akhibi, General Manager of Supply Chain, Renaissance Africa. “Our long-term strategy is to support Nigeria’s energy security while contributing to Africa’s broader energy needs.”
Renaissance Africa Energy expects the upcoming projects to create opportunities in drilling, pipeline construction, fabrication and rig services, with increased participation from local contractors. The company currently produces 150 million standard cubic feet of gas per day (mmscf/d) and plans to increase output to 300 mmscf/d, anticipating higher demand from the Ajaokuta-Kaduna-Kano gas pipeline.
