Large reserves of oil and gas have been discovered in Nigeria.
The joint venture between Renaissance Africa Energy and NNPC has discovered significant oil and gas reserves in Nigeria's coastal regions. Analysis has confirmed the high quality of the reservoir and the presence of light crude oil.
Petrus
In Nigeria's coastal regions, the Renaissance Africa Energy joint venture, together with the state-owned NNPC, has discovered significant hydrocarbon reserves.
The Renaissance consortium includes four independent Nigerian companies and one participant from Switzerland. In March 2025, the consortium acquired a major stake in Shell's assets in the Niger Delta and has since been conducting geological exploration activities.
At the OML 74 block, located in the eastern part of the Niger Delta, the JK-004 well encountered seven productive reservoirs. Preliminary data indicate a total oil and gas-bearing column thickness of about 1,000 feet.
Analysis of core samples and fluids has confirmed the high quality of the reservoir and the presence of light oil.
Other project partners at OML 74 include Eni and TotalEnergies.