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

Coming months after Chevron Nigeria Limited announced the discovery at the Awodi-07 well in the shallow-offshore western Niger Delta, the current discovery marks a major milestone in the indigenous energy company’s exploration programme.

In a statement, the company said preliminary evaluation showed that the shallow-water well encountered about 1,000 feet of hydrocarbon-bearing column across seven reservoirs.

It added that initial log interpretation and fluid analysis confirmed excellent reservoir quality containing light crude oil, raising prospects for early commercial development.

Managing Director and Chief Executive Officer of Renaissance, Tony Attah, described the discovery as evidence of the company’s renewed exploration strategy and the commitment of its workforce, partners, regulators and contractors to supporting Nigeria’s long-term crude oil production.

“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 commended the Nigerian Upstream Petroleum Regulatory Commission for its support, saying that the achievement reflected strong collaboration with joint venture partners, including Nigerian National Petroleum Company Limited (NEPAL), TotalEnergies and Agip Energy and Natural Resources.

According to Attah, the NNPC Group Chief Executive Officer, Bashir Bayo Ojulari, and the Executive Vice President, Upstream, Udobong Ntia, provided strategic guidance that contributed to the project’s success.

Renaissance’s Vice President, Exploration, and Chief Explorer, Johnbosco Uche, attributed the discovery to the company’s technical expertise and disciplined exploration approach.

He said the location of JK-004, close to existing producing assets, would support accelerated development and faster commercialisation.

The Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, said the discovery aligned with the regulator’s objective of expanding Nigeria’s hydrocarbon reserves to support sustainable economic growth.

Chairman of the Renaissance Board, Layi Fatona, described the find as proof of the continued prospectivity of Nigeria’s hydrocarbon basins and the growing role of indigenous operators in attracting investment, strengthening energy security and boosting economic growth.

Ntia also congratulated the Renaissance joint venture team for the safe execution of the exploration campaign, saying NNPC would continue to support efforts to increase Nigeria’s reserves.

Recently named Africa’s largest oil and gas company by Wood Mackenzie, Renaissance operates Nigeria’s biggest upstream joint venture, comprising 18 oil mining leases, two export terminals, and a floating production, storage, and offloading vessel in the shallow waters of the Niger Delta.