Renaissance Africa Energy Company Limited has announced a major offshore oil discovery in Nigeria following its successful drilling of the JK-004 exploration well in Oil Mining Lease (OML) 74, the company said in a statement.
According to oil industry sources, the find includes estimated recoverable volumes at approximately 27 million barrels of oil of commercial significance. It marks a substantial milestone in the company’s renewed exploration strategy and boosts Nigeria’s efforts to increase its crude oil reserves.
However, Renaissance did not inform about the size of the discovery.
The indigenous exploration and production company said preliminary evaluation of the JK-004 well encountered about 1,000 feet of hydrocarbon-bearing column across seven reservoirs, with initial log interpretation and fluid analysis confirming high-quality reservoirs containing light crude oil.
It said the discovery demonstrates the continued prospectivity of Nigeria’s shallow offshore basins, providing an attractive opportunity for rapid commercial development.
Renaissance Africa Energy’s offshore oil find comes at a time Nigeria is intensifying efforts to reverse its declining oil reserves through increased exploration, faster project development and improved collaboration between regulators and industry operators.
Wood Mackenzie global energy consultancy firm, recently recognised Renaissance Africa Energy as Africa’s largest oil and gas company by operated production. Renaissance manages Nigeria’s largest upstream joint venture, comprising 18 oil mining leases, two export terminals and a floating production, storage and offloading (FPSO) vessel in the shallow offshore Niger Delta.
Tony Attah, managing director and chief executive officer of Renaissance Africa Energy, said the discovery marks his company’s first major exploration success under its renewed exploration strategy, achieved just over one year after assuming operatorship of the assets.
“The success of JK-004, just over one year after assuming operatorship of these assets, demonstrates the strength of our exploration programme,” Attah said.
He said the achievement was attributed to the commitment of Renaissance employees, technical teams, contractors, regulators and joint venture partners, and that the discovery supports Nigeria’s long-term objective of sustaining crude oil production and expanding hydrocarbon reserves.
The Renaissance Africa Energy chief executive officer further acknowledged the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Renaissance’s joint venture partners, comprising Nigerian National Petroleum Company (NNPC) Limited, TotalEnergies and Agip Energy and Natural Resources, for creating an enabling environment for successful exploration activities.
Attah also lauded Bayo Ojulari, group chief executive officer of NNPC Limited, and Udobong Ntia, executive vice president, upstream at NNPCL, for providing strategic leadership and supporting value creation across the joint venture assets.
Johnbosco Uche, vice president, exploration and chief explorer at Renaissance Africa Energy, said the offshore discovery reflects the company’s strong technical capability and disciplined approach to exploration and reserve replacement.
He said, JK-004 well provides a solid platform for accelerated project maturation, with its proximity to existing production infrastructure expected to support early development and faster commercialisation.
“The JK-004 well provides a strong foundation for accelerated maturation with clear pathways to early development and value realisation,” Uche said.
Oritsemeyiwa Eyesan, chief executive of NUPRC, said, the discovery is consistent with the NUPRC’s strategy to increase Nigeria’s hydrocarbon reserves and ensure long-term energy security.
Eyesan said NUPRC was committed to maintaining an enabling investment climate that encourages exploration and supports sustainable growth in the country’s oil and gas industry.
For Layi Fatona, renowned Nigerian exploration geologist and chairman of Renaissance Africa Energy, the discovery depicts the continued geological potential of Nigeria’s hydrocarbon basins despite decades of production.
Fatona also said Renaissance Africa Energy’s achievement reinforces the growing role of indigenous operators in attracting investment, replacing reserves and strengthening Nigeria’s energy security.
“The success of this exploration effort clearly demonstrates that indigenous operators have a critical role to play in unlocking value, driving investment and contributing meaningfully to national energy security and economic growth,” he said.
Oil industry stakeholders have welcomed the discovery, describing it as a positive development for Nigeria’s petroleum upstream sector.
Udobong Ntia, NNPC Limited’s executive vice president in charge of upstream, lauded the Renaissance joint venture team for the safe execution of the exploration campaign, saying that the national oil company will continue to support initiatives aimed at increasing Nigeria’s reserve base and sustaining crude oil production.
The JK-004 discovery is expected to strengthen Renaissance’s production portfolio, contributing to Nigeria’s ambition of increasing reserves, attracting upstream investment and maintaining its position as Africa’s top oil producer.
