2025-05-28 06:25:00
OIL, GAS INVESTMENT FOR NIGERIA $15 BLN
ENERDATA - 27 May 2025 - Renaissance Africa has announced plans to expand its presence in Nigeria’s oil and gas industry with a US$15bn investment over five years. The investments are planned to support hydrocarbon activities in Nigeria’s Niger Delta, by implementing 32 projects of which 22 are focused on boosting gas export capacity. The company seeks to double its gas production from the current level of 4 mcm/d (1.5 bcm/year) to about 8.5 mcm/d (3.1 bcm/year).
The investment plan aligns with Renaissance Africa’s strategy to rebalance its portfolio by strengthening oil production and accelerating gas monetization while reinforcing its position in export markets. In March 2025, the company completed the acquisition of Shell's Nigerian subsidiary Shell Petroleum Development Company of Nigeria (SPDC). The US$2.4bn transaction included onshore and shallow water assets previously owned by Shell.
Nigeria has considerable oil and natural gas resources (5 Gt and around 5,910 bcm proven reserves at end-2023).
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