Renaissance Energy has announced a significant offshore oil discovery in Nigeria after successfully drilling the JK-004 exploration well in Oil Mining Lease (OML) 74, marking a major milestone in the company’s reserve replacement strategy and efforts to boost the country’s long-term crude oil production.
Key Highlights
- Renaissance Energy announces major offshore oil discovery at OML 74.
- JK-004 well encountered about 1,000 feet of hydrocarbon-bearing column across seven reservoirs.
- Initial analysis confirms high-quality reservoirs and light oil.
- Discovery supports Nigeria’s reserve replacement and long-term oil production goals.
- Renaissance says the well offers a pathway for early commercial development.
- NUPRC, NNPC, TotalEnergies and Agip Energy hailed for supporting the project.
The company disclosed in a statement on Tuesday that the discovery was made in shallow offshore waters within OML 74, where preliminary evaluation showed the JK-004 exploration well encountered approximately 1,000 feet of hydrocarbon-bearing formations across seven reservoirs.
According to the statement, initial log interpretation and fluid analysis confirmed excellent reservoir quality with commercially viable light oil, strengthening confidence in the project’s development potential.
Managing Director and Chief Executive Officer of Renaissance Energy, Chief Tony Attah, described the discovery as a landmark achievement under the company’s refreshed exploration strategy.
He said the success reflects the commitment of Renaissance Energy, its workforce, regulators, joint venture partners and contractors towards advancing Nigeria’s long-term energy security and sustainable crude oil production.
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“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 Nigeria Upstream Petroleum Regulatory Commission (NUPRC) for providing the regulatory support that enabled the successful execution of the exploration campaign.
Attah also acknowledged the collaboration of the company’s joint venture partners, comprising the Nigerian National Petroleum Company Limited (NNPC), TotalEnergies Limited and Agip Energy and Natural Resources, describing the partnership as instrumental to the achievement.
According to him, NNPC Group Chief Executive Officer, Bayo Ojulari, and the Executive Vice President, Upstream, Udobong Ntia, provided strategic leadership that strengthened value delivery across the joint venture assets.
Vice President, Exploration and Chief Explorer at Renaissance Energy, Dr. Johnbosco Uche, attributed the discovery to the company’s technical expertise, disciplined exploration approach and commitment to reserve replacement.
He said the JK-004 well provides a solid foundation for accelerated field development, adding that its proximity to existing production infrastructure would facilitate rapid commercialisation and improve project economics.
Industry stakeholders have welcomed the discovery, describing it as a significant boost to Nigeria’s oil and gas sector.
Chief Executive of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, said the discovery aligns with the commission’s vision of expanding Nigeria’s hydrocarbon reserves to support sustainable economic growth.
He pledged continued regulatory support to create an enabling environment for investment and exploration in the upstream petroleum sector.
Also reacting, renowned exploration geologist and Chairman of Renaissance Energy’s Board of Directors, Dr. Layi Fatona, described the discovery as further proof of the vast hydrocarbon potential of Nigeria’s sedimentary basins.
According to him, the successful exploration campaign demonstrates the growing capacity of indigenous operators to unlock value, attract investment and contribute meaningfully to Nigeria’s energy security and economic development.
The statement also quoted NNPC’s Executive Vice President, Upstream, Udobong Ntia, as congratulating the Renaissance joint venture team for the successful execution of the project, while reaffirming the national oil company’s commitment to supporting reserve replacement initiatives across its upstream portfolio.
Renaissance Energy, recently recognised by Wood Mackenzie as Africa’s largest oil and gas company, currently operates Nigeria’s biggest upstream joint venture, comprising 18 Oil Mining Leases (OMLs), two export terminals and one Floating Production, Storage and Offloading (FPSO) facility in the Niger Delta.
