Renaissance Africa Energy Company Limited has announced a major discovery in OML 74 offshore Nigeria, with its JK-004 well logging about 1,000 feet of hydrocarbons in seven reservoirs.
The company said early evaluation points to high-quality reservoirs and light crude.
Tony Attah, MD/CEO of Renaissance, said the discovery reflects the company’s renewed focus on exploration and its commitment to boosting Nigeria’s long-term oil production.
Attah said: “The success of JK-004, just over one year after assuming operatorship of these assets demonstrates the strength of our exploration programme.”
He lauded the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), adding that the exploration performance reflected the collaboration with the company’s joint venture partners comprising the Nigerian National Petroleum Company Limited (NNPC), TotalEnergies Limited and Agip Energy and Natural Resources.
According to him, the NNPC Group Chief Executive Officer, Bashir Bayo Ojulari, and the Executive Vice President, Upstream, Udobong Ntia, provided the needed strategic guidance with commitment for value delivery across the joint venture assets.
Vice President Exploration and Chief Explorer at Renaissance, Dr. Johnbosco Uche, said the exploration success was due to the company’s subsurface excellence, technical rigour, and disciplined approach to reserve replacement.
He said: “The JK-004 well provides a strong foundation for accelerated maturation with clear pathways to early development and value realisation,” the Chief Explorer said, adding that the strategic location of JK-004 near existing field would enable rapid commercialisation.
The Commission Chief Executive of NUPRC, Oritsemeyiwa Eyesan, described the feat as a perfect alignment with the commission’s vision of growing the nation’s reserves “to future-proof sustainable national growth,” and pledged to continue building the enabling regulatory environment required to support the Nigerian oil and gas industry.
Dr. Layi Fatona, said the discovery was a testament to the enduring prospectivity of Nigeria’s hydrocarbon basins and the importance of disciplined and technically grounded exploration.
Fatona, who is also the chairman of Renaissance Board of Directors noted that the success of the exploratory effort “clearly shows that indigenous operators play a critical role in unlocking value, driving investment, and contributing meaningfully to national energy security and economic growth”.
NNPC’s EVP Upstream, Udobong Ntia, congratulated the Renaissance JV team for safe execution and for supporting NNPC and the nation in their sustainable growth ambition, adding that the Ojulari-led NNPC would intensify its support to balance reserve replacement as demonstrated in the instant case.
