Independent oil and gas producers now account for 27 per cent of the country’s total hydrocarbon output, more than double their contribution a decade ago, according to a new report by global energy intelligence firm, Wood Mackenzie.

The report, published in an edition of its market intelligence publication, highlighted the growing role of indigenous operators in revitalising Nigeria’s upstream sector and reversing years of production decline.

Wood Mackenzie noted that eight Nigerian independent producers featured among Africa’s top 10 oil and gas companies, representing about 75 per cent of the estimated $12 billion value of the continent’s independent oil and gas sector.

Egypt’s Cheiron and Angola’s Etu Energies were the only non-Nigerian firms on the list, while Renaissance Africa Energy Company emerged as the highest-ranked producer.

According to the report, “Nigeria’s independent oil and gas producers are helping to reinvigorate the country’s upstream sector and boost production after years of decline”.

The report attributed the growth of Nigeria’s independent oil and gas industry not only to the wave of divestments by international oil companies but also to “supportive government policies and a strong domestic skills base with over 100 local players active across the upstream sector”.

It added that indigenous operators have become increasingly important to Nigeria’s efforts to reverse declining production levels and achieve its target of producing three million barrels per day by 2030.

Commenting on the report, Managing Director and Chief Executive Officer of Renaissance, Tony Attah, said, “This acknowledgement by Wood Mackenzie reflects more than operational scale. It highlights the growing role of indigenous companies, particularly Renaissance, in shaping Africa’s energy future.

“At Renaissance, we see this as both a validation and a responsibility to continue delivering sustainable energy solutions while contributing meaningfully to national and continental development,” Attah said.

Renaissance operates Nigeria’s largest upstream joint venture and currently produces 673,000 barrels of oil equivalent per day. Its portfolio includes 18 oil mining leases, one floating production, storage, and offloading vessel, and export terminals located at Bonny Island in Rivers State and Forcados in Delta State.

The company has set a target of producing one million barrels of oil equivalent per day by 2030, in line with its ambition to become Africa’s leading energy company while supporting energy security and industrialisation across the continent.