Nigerian Oil Giant Hits 200,000 Barrels Daily After Shell Acquisition
In a landmark achievement for Nigeria’s energy independence, Renaissance Africa Energy Company Limited (RAEC) has successfully ramped up crude oil production to over 200,000 barrels per day following its strategic acquisition of Shell Petroleum Development Company’s onshore assets. The milestone was announced during a high-level meeting with Finance Minister Wale Edun in Abuja, marking a pivotal moment in Nigeria’s push for indigenous control of its oil resources.
“This is a proud moment for Nigerian enterprise,” declared RAEC Chairman Dr. Layi Fatona. “Our successful transition and scale-up of production show that indigenous companies can lead the energy conversation in this country and deliver results that matter to the economy.”
The acquisition represents a seismic shift in Nigeria’s upstream sector, with local companies now demonstrating their capability to operate major oil facilities previously managed by international majors. Managing Director Engr. Tony Attah emphasized the company’s commitment to sustainable operations and community development, stating they are “building a sustainable model for indigenous ownership, responsible energy stewardship, and economic contribution.”
Minister Edun praised the achievement as validation of President Bola Tinubu’s policy direction prioritizing private sector leadership and local capacity building. The development signals Nigeria’s growing confidence in its domestic energy capabilities and could inspire similar transitions across the continent.
Source: channelstv.com