Renaissance Africa Energy Company Limited has announced a significant hydrocarbon discovery following the successful delivery of the JK-004 exploration well. 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.

Renaissance acquired onshore and shallow-water assets that were previously operated by Shell Petroleum Development Company of Nigeria.

The company said it found new oil and gas deposits in shallow waters offshore Nigeria, in Oil Mining Lease 74.

According to Renaissance, initial log interpretation and fluid analysis confirm excellent reservoir quality and light oil.

Its CEO, Tony Attah, speaking on the first exploration execution milestone under the company’s refreshed exploration strategy, described the discovery as a reflection of the company’s determined effort.

Mr Attah also said that it reflected the dedication of its staff, partners, regulators and contractors to advancing the nation’s goal towards sustainable long-term liquids production.

”The success of JK-004, just over one year after assuming operatorship of these assets, demonstrates the strength of our exploration programme,” he said.

He commended the Nigeria Upstream Petroleum Regulatory Commission, adding that the exploration performance reflected collaboration with the company’s joint venture partners, comprising the Nigerian National Petroleum Company Limited, TotalEnergies Limited, and Agip Energy and Natural Resources.

According to him, the NNPC’s boss, Bayo Ojulari, and the executive vice-president (Upstream), Udobong Ntia, provided the needed strategic guidance and commitment to value delivery across the joint venture assets.

The vice-president (Exploration) and chief explorer at Renaissance, 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,” he said.

Mr Uche added that the strategic location of JK-004 near the existing field would enable rapid commercialisation. He said that the NUPRC chief, 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”.

In his reaction, renowned Nigerian explorationist and industry veteran Layi Fatona said the discovery was a testament to the enduring prospectivity of Nigeria’s hydrocarbon basins and the importance of disciplined, technically grounded exploration.

Mr Fatona, the chairman of Renaissance’s board of directors, noted that the success of the exploratory effort clearly showed that indigenous operators play a critical role in unlocking value, driving investment, and contributing meaningfully to national energy security and economic growth.

Mr Ntia congratulated the Renaissance JV team on the safe execution and for supporting NNPC and the nation in their sustainable growth ambitions. Mr Ntia said 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.

(NAN)