• Tasks renaissance on boosting oil output
By Faridat Salifu
The Federal Government has broken its silence on Shell’s $2.4 billion divestment of onshore oil assets in Nigeria, calling it a major milestone for the country’s energy landscape.
Speaking in Abuja on Wednesday during a meeting with the new asset owners, Renaissance Africa Energy Company, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, emphasized that ownership must come with results chiefly, increased oil production.
Describing the divestment as a “landmark” moment, Lokpobiri highlighted the government’s role in removing bureaucratic roadblocks that had stalled deals in the past.
“Under President Bola Tinubu’s leadership, we’ve shown the world that Nigeria is ready for serious energy investment,” he said.
He stressed that while the transition from Shell to Renaissance marks a shift in control, it must also reflect a shift in performance.
“This is not just about taking over assets. Idle wells must come alive. Nigerians expect production, not promises,” the minister said.
In a strong message to the Renaissance team led by CEO Tony Attah, the minister urged collaboration, increased output, and a bold approach to activating dormant fields.
He added that Nigeria has the human capital to lead the continent’s energy future and now expects local firms to step up.
Responding, Attah acknowledged the symbolic weight of taking over from Shell after more than six decades.
“We are not here to replicate Shell we’re here as Renaissance, proudly Nigerian, and determined to drive change,” he said.
Attah also tied energy security to economic growth, warning that industrialisation is impossible without access to reliable power.
“Over 600 million Africans lack electricity. We must tackle energy poverty if we want to break the cycle of economic hardship,” he asserted.
With the spotlight now on Renaissance, expectations are high. The government has promised support, but made it clear that results measured in barrels and impact will speak louder than promises.