Nigerian integrated energy company Renaissance Africa Energy has made a new oil discovery off the coast of Nigeria, supporting the country’s strategy to expand crude oil reserves, increase production and enhance long-term energy security.
Exploration well JK-004 in the Oil Mining Lease (OML) encountered 74 light oil-bearing intervals across seven reservoirs extending approximately 1,000 feet, confirming the prospect of the acreage and enhancing the exploration potential within the lease, the African Energy Chamber (AEC) reported.
This comes as Nigeria pursues a strategy to increase crude oil production to 1.8 million barrels per day in the near term, 2 million barrels per day by 2027, and 4 million barrels per day by 2030, while at the same time expanding its reserve base to maintain production in the long term.
The African country currently has 37.01 billion barrels of proven reserves of crude oil and condensate, with a reserve life of approximately 59 years.
“The discovery of JK-004 demonstrates that exploration remains the lifeblood of our industry and reinforces the importance of continued investment in unlocking Nigeria’s hydrocarbon potential.” He said New Jersey come onCEO of AEC.
“Nigerian’s ‘Drill Baby Drill’ revolution is increasingly being driven by local companies that understand the value of long-term exploration. This Renaissance achievement demonstrates the innovation, technical expertise and commitment required to unleash Africa’s energy potential. These are the types of investments that create jobs, enhance local capabilities and position Nigeria as a globally competitive exploration and production destination.”
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