Renaissance Africa Energy Company Limited has announced it exceeded its oil production target by 40% within its first month of operations.

According to a statement released on Friday by spokesperson Michael Adande, the performance highlights the company’s strong and immediate impact in Nigeria’s energy sector, as reported by the News Agency of Nigeria.

Adande stated that surpassing the Joint Venture’s target so early reflects a strong start for Renaissance and points to a positive trajectory for Nigeria’s oil production and overall economic growth.

Renaissance Managing Director and CEO, Tony Attah, described NNPCL’s recognition as both “encouraging and motivating.”

“For us, it is a taste of the new beginning we have promised,” he said, noting that the company is already evaluating additional high-impact initiatives and operational enablers to unlock further production volumes while safeguarding existing output.

Attah credited the company’s early success to effective collaboration with community stakeholders, government agencies, joint venture partners, and the commitment of the Renaissance workforce.

Meanwhile, the Nigerian National Petroleum Company Limited, which owns 55 per cent of the joint venture, hailed Renaissance’s performance as “sterling and remarkable.”

In a letter signed by its Executive Vice President, Upstream, Mr. Udobong Ntia, NNPCL applauded the company’s leadership and staff for exceeding the oil production target set for April 2025.

“This is to commend Renaissance Africa Energy Company Limited, your esteemed leadership team, and staff for exceeding the production target in your JV assets for April 2025,” the letter read.

NNPCL expressed optimism that the April achievement would inspire Renaissance to fast-track its initiatives aimed at increasing production while sustaining base output.

The national oil company also reaffirmed its commitment to working closely with the JV operator to grow production volumes, uphold cost efficiency, and respond effectively to prevailing market conditions.

The company restated its goal to raise Nigeria’s crude oil production to over 2 million barrels per day by 2025, maintain that level through 2027, and achieve 3 million barrels per day by 2030.

Renaissance Africa Energy Holdings finalized its acquisition of the Shell Petroleum Development Company of Nigeria in December 2024, after securing all necessary regulatory approvals from the Nigerian government.

The acquisition marked a major shift in Nigeria’s upstream oil sector, positioning Renaissance as a key player in advancing production growth and shaping the industry’s future.