Renaissance Strikes Major Oil Discovery in Offshore Nigeria

Oil Discovery made at the JK-004 exploration well in OML 74 off Nigeria’s coast.

– Initial findings confirm light crude across multiple hydrocarbon-bearing reservoirs.
– Company says the discovery could accelerate production and strengthen Nigeria’s oil reserves.

Renaissance Africa Energy Company Limited has announced a significant offshore oil discovery following the successful drilling of the JK-004 exploration well in Oil Mining Lease (OML) 74.

The company’s Managing Director, Tony Attah, disclosed the development in a statement issued in Port Harcourt on Tuesday, describing the discovery as a major achievement in Renaissance’s ongoing exploration programme.

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According to Attah, preliminary evaluations indicate that the well encountered about 1,000 feet of hydrocarbon-bearing formations spread across seven reservoirs, with initial analysis confirming the presence of high-quality light crude oil.

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He said the discovery reflects the company’s commitment to expanding Nigeria’s oil production capacity and unlocking greater value from the country’s hydrocarbon resources.

Attah noted that the successful drilling came just over a year after Renaissance assumed operatorship of the assets, adding that the milestone demonstrates the effectiveness of the company’s exploration strategy.

He attributed the achievement to strong collaboration among joint venture partners, including the Nigerian National Petroleum Company Limited (NNPCL), TotalEnergies and Agip Energy and Natural Resources, as well as support from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Renaissance’s Vice President for Exploration and Chief Explorer, Dr Johnbosco Uche, said the discovery provides a solid platform for accelerated field development and early commercial production.

He explained that the well’s location close to existing production infrastructure would enable quicker development and reduce the time required to bring the discovery into commercial operation.

Also reacting, the Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, said the discovery aligns with the commission’s objective of increasing Nigeria’s hydrocarbon reserves and sustaining investment in the upstream sector.

Similarly, the Executive Vice President, Upstream, of NNPCL, Udobong Ntia, congratulated the Renaissance joint venture team, describing the discovery as another positive step toward strengthening the country’s reserve base.

OML 74 is a shallow-water oil block located in the eastern Niger Delta. Renaissance currently operates one of Nigeria’s largest upstream joint ventures, managing 18 oil mining leases, two export terminals and a floating storage and offloading vessel.