The Nigerian government has reiterated its commitment to attracting investments into the oil and gas sector, citing ongoing reforms as a key driver of this initiative. According to the Special Adviser to the President on Energy, Olu Verheijen, the government’s goal is to create an enabling environment that fosters growth and development in the energy sector.
Verheijenmade this disclosure while receiving the Managing Director and Chief Executive Officer of The Renaissance Africa Energy Company Limited, Tony Attah, in Abuja. She commended Renaissance Africa Energy Company Limited for its impressive performance, particularly the over 40% increase in oil production within 150 days of completing its transaction with Shell Petroleum Company Limited.
The government’s push for increased investment in the oil and gas sector is part of its broader strategy to ramp up crude oil production and boost oil revenue. Verheijen noted that the government continues to work on investment-enabling reforms, aiming to achieve national targets. She encouraged Renaissance Africa Energy Company Limited to continue its good work, anticipating the opening of new wells and drilling activities.
Attah praised the government’s efforts, citing the three Executive Orders that have brought significant changes to the oil and gas sector. He attributed his company’s success to the enabling environment created by the government, which has emboldened Renaissance Africa to achieve its vision of becoming Africa’s leading energy company.
Renaissance Africa’s strategy has yielded positive results, including improved work processes, increased crude oil production, and fulfillment of contractual gas supply quantities to the Nigeria Liquefied Natural Gas (NLNG) Limited. The company’s achievements are a testament to the government’s reforms, which aim to promote investment, growth, and development in the energy sector.
The government’s efforts to attract investments into the oil and gas sector are crucial for Nigeria’s economic development. As the country seeks to diversify its economy and reduce its dependence on oil, the government’s initiatives to promote investment in the energy sector are expected to play a significant role in shaping the country’s future. With the government’s commitment to creating an enabling environment, companies like Renaissance Africa Energy Company Limited are poised to make significant contributions to Nigeria’s economic growth and development.
