Renaissance Africa Energy Company Limited (RAEC) says it has ramped up crude oil production to over 200,000 barrels per day, following its recent acquisition of Shell Petroleum Development Company’s (SPDC) onshore assets in Nigeria, in a significant boost for Nigeria’s energy sector and local content drive.
The update was given during a courtesy visit by RAEC executives to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja.
The acquisition of Shell’s onshore assets by RAEC marks a significant transition in Nigeria’s upstream sector, signalling a shift toward increased local ownership and control of critical energy infrastructure.
RAEC’s delegation was led by its Chairman, Dr. Layi Fatona, and Managing Director, Engr. Tony Attah.
Speaking, Chairman of RAEC, Dr. Layi Fatona, expressed delight that local companies were leading the country’s energy sector.
He said, “This is a proud moment for Nigerian enterprise. Our successful transition and scale-up of production show that indigenous companies can lead the energy conversation in this country and deliver results that matter to the economy.”
Engr. Tony Attah, Managing Director of RAEC and former NLNG boss, emphasised that the company’s operations were fully aligned with the government’s goals for job creation, foreign exchange generation, and community-inclusive development.
“We are not just producing oil; we are building a sustainable model for indigenous ownership, responsible energy stewardship, and economic contribution. RAEC is here to stay, to grow, and to partner with government for a shared vision of prosperity.”
Both sides also discussed the role of local energy companies in Nigeria’s just energy transition, with shared acknowledgement that indigenous operators must take a lead role in balancing hydrocarbon development with climate-smart investments.
Welcoming the delegation, Minister Wale Edun lauded RAEC’s rapid operational progress and reaffirmed the Federal Government’s support for indigenous firms driving national development.
“The fact that a Nigerian-owned company now operates at this scale is a testament to the policy direction of President Bola Tinubu’s administration, one that prioritises private sector leadership, local capacity, and inclusive growth,” Edun said.
He described RAEC’s performance as “encouraging” and called for stronger collaboration between government and operators to optimise the sector’s contribution to fiscal revenues and energy security.
“Government is determined to create a level playing field that rewards innovation, transparency, and results. We see companies like RAEC as key to our broader economic reform agenda,” Edun added.
