Renaissance Africa Targets 500,000 Bpd Crude Oil Output by 2030

•  At $6.9bn, Shell beats profit expectations, raises dividend by 5%

Emmanuel Addeh in Abuja and Blessing Ibunge in Port Harcourt

Renaissance Africa Energy Company, operator of the NNPC/Renaissance/TotalEnergies/AENR Joint Venture has said it plans to reach 500,000 barrels per day (bpd) crude output by 2030, aligning with overall efforts to boost national oil production.

The company revealed that its ambition to get to 500,000 bpd is anchored not just in volume, but to add value to the economy, for people and for the planet.

Renaissance Vice President, Relations and Sustainable Development, Igo Weli, made the assertion yesterday, at the flag-off ceremony of a four-day community-focused eyecare programme organised for residents and indigenes of B-Dere and surrounding communities in Gokana Local Government Area of Rivers State.

The programme titled “B-Dere Vision First Plus”, was put together by Renaissance Africa JV in collaboration with Kolmarg Eyesight Foundation.

In his address, Weli said aside the crude production target, Renaissance continues to spotlight domestic gas utilisation, making it a catalyst for powering the nation’s industrialisation.

Represented by the General Manager, Health Renaissance, Dr Akinwumi Fajola, Weli said Renaissance is helping Nigeria reclaim production momentum, boosting national crude output by over 200,000 bpd and delivering 1.9 billion cubic feet of gas daily.

 “You Would have read the many media reports that highlight how we continue to support oil and gas production in Nigeria. Along with an impressive target of 500,000 barrels of oil by the year 2030, we continue to bring the spotlight on domestic gas utilisation and how we can make this a catalyst to power our nation’s industrialisation.

“Renaissance’s declared vision is to be a leading African energy company providing energy security. Renaissance is helping Nigeria reclaim production momentum, boosting national crude output by over 200,000 barrels per day and delivering 1.9 billion cubic feet of gas daily to Bonny NLNG within and industrialisation in a sustainable manner,” he stated.

Weli explained that the healthcare programme represents Renaissance’s shared commitment to promoting healthier lives, restoring dignity, and improving the overall quality of life within their host communities.

He noted that over 2.2 billion people live with some form of visual impairment, and nearly half of the cases are either preventable or treatable. “In Nigeria alone, millions continue to suffer from avoidable blindness caused by conditions such as cataracts and uncorrected refractive errors

He however, appreciated the Rivers State Government, the Ministry of Health and its parastatals for their continued partnership in delivering essential healthcare to the good people of the state.

Also, Renaissance VP commended it senior partner, NNPC Limited, represented by NNPC Upstream Investment Management Services (NUIMS), and it Joint Venture partners, TotalEnergies and AENR, for their unwavering support and continued social investment in Nigeria, especially on the programme.

Representing the Chief Upstream Investment Officer of NUIMS, Mr Seyi Omotowa, Head of Business Services, Nkechi Anaedobe, said the joint venture remained committed to improving the lives of people in host communities.

Anaedobe disclosed that the programme was already on course to exceed its initial target of 5,000 beneficiaries. “I know we had over 5,000 as our target and we’re on track to not only meet that but to surpass it as well,” she added.

Meanwhile, Shell’s first-quarter profit beat estimates and hit its highest in two years at $6.9 billion yesterday, boosted by gains linked to the Middle East war, prompting it to raise the dividend by 5 per cent.

At the same time, it cut its quarterly share buyback programme to $3 billion from $3.5 billion to preserve cash for its balance sheet as a short-term liquidity squeeze after war-related energy supply disruptions increased its debt.

Chief Financial Officer, Sinead Gorman, said on a conference call that future buyback increases were on the table given Shell shares were still undervalued. “It really reflects that confidence we have in the long-term cash flows of the company,” Gorman said of the dividend hike.

Shell had previously exceeded its shareholder distribution target of 40 per cent to 50 per cent of operational cash flow, a Reuters report said.

Oil majors typically use buybacks as a flexible tool, while dividends are rarely cut. Shell cut its dividend for the first time since World War Two in 2020 during the COVID-19 pandemic.

First-quarter adjusted earnings, Shell’s definition of net profit, rose to $6.92 billion, beating an analyst consensus of $6.36 billion and up from $5.58 billion a year earlier.

Profits at its chemicals and products unit, which includes refining and oil trading, were $1.93 billion, beating expectations of $1.24 billion and rising from $450 million last year.

But Shell’s oil and gas output fell 4 per cent from the previous quarter, mainly due to outages in Qatar after damage to part of its Pearl gas-to-liquids plant in the conflict that began at the end of February. Repairs may take around a year.

For the second quarter, Shell expects integrated gas production to drop up to 36 per cent due to the conflict’s impact, including in Qatar. LNG liquefaction volumes are expected to fall by up to 14 per cent.

Shell first-quarter results benefitted from strong oil trading results exploiting oil price volatility from the US-Israeli war on Iran. Shell’s gearing, or debt-to-equity ratio including leases, rose to 23.2 per cent from 20.7 per cent at the end of 2025, reflecting higher debt linked to price swings and supply disruptions.

Gorman said she was very happy with the balance sheet. Cash flow from operating activities was $6.1 billion, hit by large swings in inventory values that pushed working capital – a liquidity measure of current assets minus liabilities – to minus $11.2 billion, Reuters reported. Shell expects working capital movements to reverse over time if oil and gas prices ease.