Renaissance Africa Energy Company Limited (RAEC) has ramped up oil production to over 200,000 barrels per day following its acquisition of Shell Petroleum Development Company’s (SPDC) onshore assets, marking a major win for Nigeria’s local content and energy independence drive.

The company gave the update during a courtesy visit to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja.

RAEC’s delegation, led by its Chairman, Dr. Layi Fatona, and Managing Director, Engr. Tony Attah, described the milestone as proof that indigenous operators can lead Nigeria’s energy transformation.

“This is a proud moment for Nigerian enterprise,” said Dr. 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.”

Engr. Attah, a former NLNG boss, said the company’s model is anchored on responsible energy stewardship, sustainability, and national development goals.

“We are not just producing oil,” Attah stated. “We are building a sustainable model for indigenous ownership, job creation, and foreign exchange generation. RAEC is here to stay, to grow, and to partner with government for a shared vision of prosperity.”

Minister Edun praised RAEC’s progress and affirmed the government’s support for homegrown energy firms.

“That a Nigerian-owned company now operates at this scale is a testament to the policy direction of President Bola Tinubu’s administration,” Edun said. “We are committed to supporting innovation, transparency, and inclusive growth.”

The meeting also touched on Nigeria’s energy transition, with consensus that indigenous companies must play a frontline role in balancing hydrocarbon development with climate-conscious investments.