President Bola Tinubu administration has stated that its goal of attracting more funds and investments into the Nigerian oil and gas sector to grow industrialisation is at the centre of its decision to devote more executive attention to ongoing reforms in the energy sector.
Receiving the Managing Director/Chief Executive Officer of The Renaissance Africa Energy Company Limited, Mr. Tony Attah, on Monday in Abuja, the Special Adviser to the President on Energy, Mrs. Olu Verheijen said: ‘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’.
The Special Adviser commended Renaissance Africa’s over 40% oil production increase within 150 days of its completion of the landmark transaction last March when the company acquired the shares of Shell Petroleum Company Limited in The Shell Petroleum Development Company Limited (SPDC). SPDC was then rebranded Renaissance Africa Energy Company Limited and retained its role as the operator of the joint venture.
Chief Executive Officer of Renaissance Africa Energy Company Limited, Mr. Tony Attah said: ‘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 industrialisation 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, galvanised 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 five years’.
