Renaissance Africa Energy Company Limited has announced a significant hydrocarbon discovery in Oil Mining Lease (OML) 74 offshore Nigeria.
The company said the discovery followed the successful drilling of the JK-004 exploration well.
According to Renaissance Energy, preliminary evaluation showed that the JK-004 well encountered about 1,000 feet of hydrocarbon-bearing intervals across seven reservoirs.
The company said initial log interpretation and fluid analysis confirmed high-quality reservoirs containing light crude oil.
Speaking on the company’s first exploration milestone, Tony Attah, managing director and chief executive officer of Renaissance, said the discovery reflects the company’s commitment and the combined efforts of its employees, partners, regulators, and contractors to support 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 program,” Attah said.
He also commended the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), adding that the result reflected strong collaboration with the company’s joint venture partners, including Nigerian National Petroleum Company (NNPC) Limited, TotalEnergies Limited, and Agip Energy and Natural Resources.
Attah said NNPC Group Chief Executive Officer Bayo Ojulari and Executive Vice President, Upstream, Udobong Ntia provided the strategic leadership and commitment needed to drive value across the joint venture assets.
Johnbosco Uche, Renaissance’s Vice-President of Exploration and Chief Explorer, said the discovery resulted from the company’s technical expertise, detailed subsurface evaluation, and disciplined approach to replacing reserves.
“The JK-004 well provides a strong foundation for accelerated maturation with clear pathways to early development and value realization,” he said.
Uche added that the well’s location close to an existing field would support faster commercial development.
NUPRC Chief Executive Officer Oritsemeyiwa Eyesan said the discovery aligns with the commission’s goal of increasing Nigeria’s oil and gas reserves to support sustainable national growth.
She reaffirmed the commission’s commitment to maintaining a regulatory environment that supports the continued growth and competitiveness of Nigeria’s oil and gas industry.
Layi Fatona, Chairman of the Renaissance Board of Directors, said the discovery highlights the continued potential of Nigeria’s hydrocarbon basins and reflects the value of disciplined, technically driven exploration.
source: www.thecable.ng
African Energy Council