Renaissance Announces Discovery of Large Oil Deposits off Nigeria’s Coast

• Renaissance Africa Energy Company has announced a major hydrocarbon discovery in Nigeria’s offshore oil fields after drilling a successful exploration well in Oil Mining Lease (OML) 74.

Renaissance Africa Energy Company Limited has announced a major hydrocarbon discovery off Nigeria’s coast, marking a significant boost to the country’s oil and gas sector.

The discovery followed the successful drilling of the JK-004 exploration well located in Oil Mining Lease (OML) 74, according to the company’s Managing Director, Tony Attah.

Speaking in a statement issued in Port Harcourt on Tuesday, Attah said preliminary evaluations showed the well encountered approximately 1,000 feet of hydrocarbon-bearing formations across seven reservoirs.

He added that initial log interpretation and fluid analysis confirmed the presence of light oil and excellent reservoir quality.

Describing the development as a major milestone, Attah said the discovery underscores Renaissance’s commitment to supporting Nigeria’s long-term oil production goals.

“The success of JK-004, just over one year after assuming operatorship of these assets, demonstrates the strength of our exploration programme,” he said.

The managing director credited the achievement to effective collaboration with the Nigerian National Petroleum Company Limited (NNPCL), TotalEnergies and Agip Energy and Natural Resources.

He also commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the company’s joint venture partners for their strategic support.

According to Attah, their guidance played a key role in delivering value across the joint venture’s assets.

Renaissance Vice President of Exploration and Chief Explorer, Dr. Johnbosco Uche, said the discovery was the result of technical excellence and disciplined exploration efforts.

He noted that the newly discovered well provides a strong platform for accelerated field development, with opportunities for early production and faster commercialisation due to its proximity to existing infrastructure.

Also reacting, NUPRC Chief Executive, Oritsemeyiwa Eyesan, described the discovery as consistent with the commission’s objective of increasing Nigeria’s hydrocarbon reserves.

She pledged continued regulatory support to create an enabling environment for investment and sustainable growth in the country’s oil and gas industry.

Similarly, NNPCL Executive Vice President (Upstream), Udobong Ntia, congratulated the Renaissance joint venture team on the successful project, saying the discovery would contribute to Nigeria’s efforts to expand its oil reserves.

Located in the eastern Niger Delta, OML 74 is a major shallow-water oil block off Nigeria’s coast.

Renaissance, which acquired Shell’s former onshore and shallow-water assets, currently operates Nigeria’s largest upstream joint venture, managing 18 oil mining leases, two export terminals and a Floating Storage and Offloading (FSO) vessel.