The Nigerian government is supporting the acquisition of oil assets being divested by multinational corporations. Petroleum Resources Minister Heineken Lokpobiri urged Nigerian companies to pursue onshore assets from international oil companies, noting that such divestments bring more investment and wealth to the country. His remarks followed recent acquisitions, including Shell by Renaissance Africa Energy and ExxonMobil by Oando Energy. He made the call during a courtesy visit from Renaissance CEO Anthony Attah.
Petroleum Minister Heineken Lokpobiri expressed confidence that Nigeria’s oil sector will thrive under new ownership, following the $2.4 billion acquisition of Shell’s onshore assets by Renaissance Africa Energy. He encouraged more companies to acquire onshore and shallow water assets, noting that profits will now stay within the country rather than being repatriated abroad.
The Federal Government and Renaissance pledged close collaboration to boost investment and growth. The acquisition ends Shell’s nearly 100-year onshore presence in Nigeria, with SPDC now operating as Renaissance Africa Energy Company Limited.Minister Heineken Lokpobiri called the $2.4 billion acquisition of Shell’s onshore assets by Renaissance Africa Energy a “significant milestone,” highlighting the government’s commitment to fostering investment and supporting indigenous companies.
He emphasized that Renaissance, being Nigerian, will retain its dividends locally and urged other companies to acquire onshore and shallow water assets. Lokpobiri expects the company to present a clear roadmap for its future operations in the country.
Minister Heineken Lokpobiri urged Renaissance Africa Energy to present a timeline for increased production, emphasizing that more production leads to greater wealth. He called on CEO Anthony Attah to justify the government’s confidence in the company.
Lokpobiri noted that while investments had stalled for 12 years, reforms by President Bola Tinubu’s administration have revived the sector. He assured that his office remains open to addressing issues raised by IOCs and OPTS, with the goal of resolving longstanding problems by the end of the current administration.Minister Lokpobiri highlighted Nigeria’s leadership in human resources in the oil and gas sector, expressing willingness to share expertise with other African oil producers.
He advised them to wait until Nigeria completes its exploration. Renaissance CEO Anthony Attah pledged to help Nigeria achieve energy security, crucial for industrialization, and vowed to improve on Shell’s legacy following its acquisition of SPDC’s assets.Attah stated that the company aims to become the leading energy firm in Africa, beyond Nigeria.
