Nigerian energy firm firm Renaissance announces major oil discovery offshore NigeriaRenaissance Africa Energy Company Limited has announced a significant hydrocarbon discovery following successful delivery of the JK-004 exploration well.Renaissance, a consortium of Nigerian energy firms which acquired onshore and shallow water assets hitherto operated by Shell Petroleum Development Company of Nigeria found the new oil and gas deposits in shallow waters, offshore Nigeria in Oil Mining Lease 74.The energy firm said in a statement on Tuesday that preliminary evaluation indicated that the JK-004 well encountered approximately 1,000 feet of hydrocarbon-bearing column across seven reservoirs.According to Renaissance, “Initial log interpretation and fluid analysis confirm excellent reservoir quality and light oil.”Speaking on this first exploration execution milestone under the company’s refreshed exploration strategy, Managing Director and Chief Executive Officer of Renaissance, ChiefTony Attah, described the discovery as a reflection of the company’s determined effort and the dedication of its staff, partners, regulators and contractors to advancing the nation’s goal towards sustainable long-term liquids 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 commended the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).He added 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 Attah, the NNPC Group Chief Executive Officer, 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.Also Vice President Exploration and Chief Explorer at Renaissance, Dr. Johnbosco Uche, ascribed the exploration success to the company’s subsurface excellence, technical rigour, and disciplined approach to reserve replacement.“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.“Reactions have continued to trail the major industry discovery.“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,” Uche said..In his reaction, renowned Nigerian explorationist and industry veteran, 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”.The statement also quoted also quoted NNPC’s EVP Upstream, Udobong Ntiaas congratulating 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.Renaissance, recently named Africa’s biggest oil and gas company by Wood Mackenzie, operates Nigeria’s largest upstream joint venture consisting of 18 OMLs, two export terminals and one floating production, storage, and offloading vessel in shallow waters, offshore in the Niger Delta.
