WED JULY 08 2026-theGBJournal|Nigeria has recorded a significant boost to its upstream petroleum sector after Renaissance announced a major offshore oil discovery at the JK-004 exploration well in Oil Mining Lease (OML) 74, a find expected to strengthen the country’s crude reserves and reinforce efforts to raise production.
The discovery, unveiled by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, during the second day of NOG Energy Week 2026, confirmed about 1,000 feet of hydrocarbon-bearing column across seven high-quality reservoirs containing light crude, marking one of the most notable recent exploration successes in Nigeria’s offshore basin.
Renaissance said the JK-004 exploration well encountered approximately 1,000 feet of hydrocarbon-bearing column distributed across seven reservoirs with excellent reservoir quality and light oil, underscoring the effectiveness of its exploration strategy, technical capability and collaboration with its joint venture partners and government regulators.
Lokpobiri described the discovery as a major milestone for Nigeria’s upstream oil industry.
Members of Renaissance’s leadership team were invited on stage in recognition of the achievement.
The company said the discovery reinforces its commitment to expanding Nigeria’s hydrocarbon reserves, strengthening the country’s energy security and creating long-term economic value for both Nigeria and the African continent.
Renaissance acknowledged the support of key government institutions and industry stakeholders whose collaboration contributed to the successful exploration campaign.
The company expressed appreciation to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, the Federal Ministry of Environment, the Nigeria Nuclear Regulatory Authority, Government Security Agencies, and the Office of the Surveyor General of the Federation for their roles in enabling the project.
Building on the discovery, Renaissance said it remains committed to advancing exploration activities and delivering sustainable value to Nigeria’s energy sector while contributing to Africa’s long-term energy development objectives.
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