Nigeria Targets 3m Barrels Of Crude Oil By 2030

Nigeria is projecting to produce three million barrels of crude oil by 2030, out of which an indigenous company, Renaissance Africa Energy Company Limited is projecting to produce one million barrels a day.
According to a new report by Wood Mackenzie, a global energy intelligence firm, Renaissance Africa Energy Company has emerged as Africa’s leading independent oil and gas producer, according to a new report by global the energy intelligence firm.
The production chart, published in The Edge, ranked Renaissance first among the continent’s top 10 independent oil and gas companies.
Wood Mackenzie noted that eight Nigerian firms occupy positions in the top 10, accounting for 75 percent of the sector’s estimated $12 billion value.
According to the report, Egypt’s Cheiron and Angola’s Etu Energies were the only non-Nigerian companies on the list.
The report credited Nigerian independent oil and gas producers with revitalising the country’s upstream sector after years of declining production.
According to Wood Mackenzie, indigenous producers now contribute 27 percent of Nigeria’s oil and gas output, up from 12 percent a decade ago.
The growth was traced to supportive government policies, increased divestments by international oil companies, and strong local technical capacity.
The report said Nigerian independents are critical to achieving the country’s target of producing three million barrels per day by 2030.
Renaissance Managing Director and Chief Executive Officer, Tony Attah, described the recognition as validation of the growing influence of indigenous energy companies.
He said the ranking underscores Renaissance’s commitment to sustainable energy development and economic growth across Africa.
Renaissance operates Nigeria’s largest upstream joint venture, producing about 673,000 barrels of oil equivalent per day.
Its assets include 18 oil mining leases, one FPSO vessel, and export terminals at Bonny Island in Rivers and Forcados in Delta.
The company aims to increase production to one million barrels of oil equivalent per day by 2030.