Renaissance Africa Energy Company Limited (RAEC) announced it has successfully increased crude oil production beyond 200,000 barrels per day following its takeover of Shell Petroleum Development Company’s onshore Nigerian operations. The milestone represents a major development for Nigeria’s petroleum industry and domestic energy capabilities.

RAEC leadership shared this achievement during a meeting with Finance Minister and Coordinating Minister of the Economy Wale Edun at his Abuja office. The Shell asset acquisition signals a notable shift in Nigeria’s upstream petroleum sector, with greater emphasis on local ownership of key energy infrastructure.

Chairman Layi Fatona and Managing Director Tony Attah headed the RAEC delegation for the ministerial visit.

Fatona highlighted the significance of indigenous companies taking leadership roles in Nigeria’s energy landscape. “This represents a milestone for Nigerian business,” he stated. “Our successful operational transition and production growth demonstrate that local companies can drive the energy sector forward and deliver meaningful economic impact.”

Attah, who previously served as head of Nigeria LNG, stressed that RAEC’s activities support government objectives around employment generation, foreign currency earnings, and community development. “Our mission extends beyond oil extraction to establishing sustainable indigenous ownership, responsible resource management, and economic value creation,” he explained. “RAEC is committed to long-term growth and government partnership toward shared prosperity.”

Minister Edun praised RAEC’s swift operational achievements and confirmed federal backing for indigenous companies contributing to national progress. “Having a Nigerian company operating at this level reflects President Bola Tinubu’s administration’s commitment to private sector leadership, local expertise development, and broad-based economic growth,” Edun remarked.

The minister characterized RAEC’s results as “promising” and advocated for enhanced government-industry cooperation to maximize the sector’s fiscal and energy security benefits. “The government remains dedicated to establishing fair competitive conditions that recognize innovation, transparency, and performance. Companies like RAEC are central to our comprehensive economic transformation strategy,” Edun concluded.