Preliminary evaluation of JK-004 exploration well indicates high-quality light oil discovery as company advances post-acquisition exploration programme
Renaissance Africa Energy Company Limited has announced a major offshore oil discovery in Nigeria following the successful drilling of the JK-004 exploration well in Oil Mining Lease (OML) 74, marking a significant milestone in the company’s renewed exploration strategy and Nigeria’s efforts to boost crude oil reserves.
While Renaissance did not disclose the size of the discovery, industry sources estimate recoverable volumes at approximately 27 million barrels of oil, underscoring the commercial significance of the find.
In a statement released on Tuesday, the indigenous exploration and production company said preliminary evaluation of the well encountered about 1,000 feet of hydrocarbon-bearing column across seven reservoirs, with initial log interpretation and fluid analysis confirming high-quality reservoirs containing light crude oil.
The company said the discovery demonstrates the continued prospectivity of Nigeria’s shallow offshore basins and provides an attractive opportunity for rapid commercial development.
Managing Director and Chief Executive Officer of Renaissance, Tony Attah, described the discovery as the company’s first major exploration success under its refreshed exploration strategy, achieved just over one year after assuming operatorship of the assets.
“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 attributed the achievement to the commitment of Renaissance employees, technical teams, contractors, regulators and joint venture partners, adding that the discovery supports Nigeria’s long-term objective of sustaining crude oil production and expanding hydrocarbon reserves.
Attah also acknowledged the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Renaissance’s joint venture partners, comprising Nigerian National Petroleum Company (NNPC) Limited, TotalEnergies and Agip Energy and Natural Resources, for creating an enabling environment for successful exploration activities.
He further commended NNPC Group Chief Executive Officer Bayo Ojulari and Executive Vice President, Upstream, Udobong Ntia, for providing strategic leadership and supporting value creation across the joint venture assets.
Vice President, Exploration and Chief Explorer at Renaissance, Dr. Johnbosco Uche, said the discovery reflects the company’s strong technical capability and disciplined approach to exploration and reserve replacement.
According to him, the JK-004 well provides a solid platform for accelerated project maturation, with its proximity to existing production infrastructure expected to support early development and faster commercialisation.
“The JK-004 well provides a strong foundation for accelerated maturation with clear pathways to early development and value realisation,” Uche said.
Industry stakeholders have welcomed the discovery as a positive development for Nigeria’s upstream sector.
Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, described the discovery as consistent with the Commission’s strategy to increase Nigeria’s hydrocarbon reserves and ensure long-term energy security.
She reaffirmed the regulator’s commitment to maintaining an enabling investment environment that encourages exploration and supports sustainable growth in the country’s oil and gas industry.
Reacting to the announcement, renowned Nigerian exploration geologist and Chairman of Renaissance Africa Energy Company, Dr. Layi Fatona, said the discovery highlights the continued geological potential of Nigeria’s hydrocarbon basins despite decades of production.
He noted that the achievement reinforces the growing role of indigenous operators in attracting investment, replacing reserves and strengthening Nigeria’s energy security.
“The success of this exploration effort clearly demonstrates that indigenous operators have a critical role to play in unlocking value, driving investment and contributing meaningfully to national energy security and economic growth,” Fatona said.
Also commenting, NNPC Executive Vice President, Upstream, Udobong Ntia, congratulated the Renaissance joint venture team for the safe execution of the exploration campaign and said the national oil company would continue supporting initiatives aimed at increasing Nigeria’s reserve base and sustaining crude oil production.
The discovery comes at a time when Nigeria is intensifying efforts to reverse declining oil reserves through increased exploration, faster project development and improved collaboration between regulators and industry operators.
Recently recognised by global energy consultancy Wood Mackenzie as Africa’s largest oil and gas company by operated production, Renaissance manages Nigeria’s largest upstream joint venture, comprising 18 Oil Mining Leases (OMLs), two export terminals and a floating production, storage and offloading (FPSO) vessel in the shallow offshore Niger Delta.
The JK-004 discovery is expected to strengthen Renaissance’s production portfolio while contributing to Nigeria’s ambition of increasing reserves, attracting upstream investment and maintaining its position as Africa’s leading crude oil producer.
