Heineken Lokpobiri, minister of state for petroleum (oil), has commended Renaissance Africa Energy Company Limited for its contribution to Nigeria’s oil and gas production increase less than a year after taking over Shell’s onshore assets in a $2.4 billion deal.
Lokpobiri gave the commendation during a visit to the company’s exhibition booth at the ongoing 43rd annual international conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
The transaction, completed earlier this year, saw Renaissance become the operator of Nigeria’s largest joint venture in the oil and gas industry.
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Layi Fatona, chairman of Renaissance’s board said the company has recorded over 40 percent growth in production since the share sale deal and has restored uninterrupted gas supply to the Nigeria LNG plant.
He noted that Renaissance operates a portfolio covering onshore and shallow-water assets as well as the Bonny and Forcados crude export terminals and the Sea Eagle FPSO.
Fatona added that the company is investing in young Nigerian professionals to build local capacity and sustain growth in the energy sector.
“We spend time with young talents to help them appreciate the opportunities available to achieve incredible targets and contribute to industrialising our nation with our energy resources,” he said.
