Renaissance announces discovery of oil in OML 74

The Renaissance Africa Energy Company Limited has announced a discovery of oil and gas at its Oil Mining Lease 74 in the Niger Delta.

A statement said the lease through its JK-004 exploration well marks the first big win under its refreshed exploration strategy.

Daily Trust reports that the leading African oil and gas E&P company said the JK-004 well was drilled in shallow waters and encountered approximately 1,000 feet of hydrocarbon-bearing column.

According to Renaissance, the well cut across seven reservoirs. Initial log interpretation and fluid analysis confirm “excellent reservoir quality and light oil.”

Managing Director and Chief Executive Officer, Tony Attah, described the discovery as proof of the company’s technical capability and team commitment.

“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 credited the milestone to the dedication of Renaissance staff, partners, regulators and contractors working to advance Nigeria’s goal of sustainable long-term liquids production.

Attah also commended the Nigeria Upstream Petroleum Regulatory Commission for its support, and thanked joint venture partners comprising NNPC Limited, TotalEnergies Limited and Agip Energy and Natural Resources Limited.

He noted that strategic guidance from NNPC Group Chief Executive Officer, Bashir Bayo Ojulari, and EVP Upstream, Udobong Ntia, was critical to delivering value across the JV assets.

Vice President Exploration and Chief Explorer, Dr. Johnbosco Uche, linked the success to “subsurface excellence, technical rigour, and disciplined approach to reserve replacement.”Oil & Gas

“The JK-004 well provides a strong foundation for accelerated maturation with clear pathways to early development and value realisation,” Dr. Uche said.

He added that the well’s strategic location near existing fields would enable rapid commercialisation, potentially shortening the timeline from discovery to first oil.

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