Nigeria’s long-term energy security strategy backed with new oil discovery

Nigerian integrated energy company Renaissance Africa Energy has made a new oil discovery offshore Nigeria, supporting the country’s strategy to expand crude oil reserves, increase production and strengthen long-term energy security.

The JK-004 exploration well in Oil Mining Lease (OML) 74 encountered light oil-bearing intervals across seven reservoirs spanning approximately 1,000 feet, confirming the prospectivity of the acreage and strengthening the exploration potential within the lease, the African Energy Chamber (AEC) reported.

This comes as Nigeria is pursuing the strategy to increase crude oil production to 1.8 million barrels per day (bpd) in the near term, 2 million bpd by 2027 and 4 million bpd by 2030, while simultaneously expanding its reserve base to sustain production over the long term.

The African country currently holds 37.01 billion barrels of proven crude oil and condensate reserves, with a reserve life of approximately 59 years.

“The JK-004 discovery demonstrates that exploration remains the lifeblood of our industry and reinforces the importance of continued investment in unlocking Nigeria’s hydrocarbon potential,” said NJ Come onExecutive Chairman of AEC.

“The Nigerian ‘Drill Baby Drill’ revolution is increasingly being driven by indigenous companies that understand the value of long-term exploration. Renaissance’s achievement demonstrates the innovation, technical expertise and commitment required to unlock Africa’s energy potential. These are the kinds of investments that create jobs, strengthen local capacity and position Nigeria as a globally competitive upstream destination.”