Olu Verheijen, Special Adviser to Nigeria’s President Bola Tinubu on Energy, has emphasized the government’s high expectations from indigenous oil operators who have recently acquired assets previously owned by Shell and ExxonMobil.
Speaking in an interview with Africa Oil+Gas Report in Abuja, Verheijen clarified that these transactions should be seen as acquisitions rather than divestments. In the last year alone, five such acquisitions have been completed, transferring operatorship of 22 Oil Mining Leases (OMLs) to Nigerian-owned companies Renaissance Africa and Seplat Energy.
“These are acquisitions by Nigerian entities—people who have a native understanding of these environments and communities. We expect them to truly deliver,” she stated.
Nigeria’s crude oil and condensate production averaged 1.672 million barrels per day in February 2025, reflecting a 4% decline from January. However, the government’s 2025 national budget projects a production target of 2.06 million barrels per day, requiring an increase of at least 388,000 barrels daily.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) forecasts that Renaissance Africa will produce an average of 226,421 barrels per day (gross), while Seplat Energy is expected to contribute 271,462 barrels per day (gross). Combined, these two firms are projected to account for approximately 24% of the country’s anticipated total production.
Verheijen expressed confidence that the newly acquired assets would drive much of Nigeria’s incremental production. “Between the Renaissance deal and the Seplat deal, we expect significant additional production, so we are closely working with the new owners,” she said.
She further noted that the period of uncertainty—where one party wanted to exit while another was eager to invest but lacked ownership—had come to an end. “Now there’s clarity. You have ownership, you are accountable, and you are expected to deliver,” she affirmed.
Source: Africa Oil+Gas Report
