Renaissance Africa Energy Company Limited has called on Nigeria and other African countries to repurpose depleted oil reservoirs as part of efforts to drive decarbonisation and energy transition across the continent.

Speaking at the Africa Energy Week in Cape Town, Chairman of the Board of Directors at Renaissance, Dr Layi Fatona, said Africa must take full ownership of its hydrocarbon resources and use them to power industrialisation and sustainable development.

“We are sitting on immense natural wealth, yet we remain dependent. This must change. Renaissance is here to ignite that change, starting from Nigeria and spreading across the continent,” Fatona told participants at a high-level panel session on ‘Frontier Plays in Mature Basins’.

Fatona argued that Africa must move beyond resource extraction and adopt a more transformative approach, making mature basins like the Niger Delta, Sirte and Lower Congo central to a cleaner and more secure energy future.

According to him, advanced technologies will play a pivotal role in unlocking new opportunities from mature assets.

“The key enabler for enhanced exploration and production in mature basins lies in improved seismic imaging and rig capabilities to drill high-pressure, high-temperature deep wells,” he said.

He added that depleted reservoirs across the Niger Delta, Sirte Basin and Lower Congo Basin could be repurposed for carbon dioxide storage, a move he said would support decarbonisation while ensuring the continent keeps pace with global energy transition goals.

Fatona lamented Africa’s longstanding inability to translate abundant natural resources into meaningful development for its population. He said the failure to do so had left the continent vulnerable to external shocks and dependent on foreign supply chains.

He charged the continent to deepen strategic approaches, embrace innovative work processes and deploy cutting-edge technologies to optimise current assets.

“The opportunity is here. The time is now. Let us lead our own energy revolution,” Fatona said.

Renaissance, formerly known as The Shell Petroleum Development Company of Nigeria Limited, is a wholly owned subsidiary of Renaissance Africa Energy Holding Company. It operates Nigeria’s largest upstream joint venture, which includes NNPC Limited, TotalEnergies and Agip Energy and Natural Resources.