ABUJA, July 8 – Renaissance Energy has announced an offshore oil discovery in Nigeria after drilling an exploration well on Oil Mining Lease (OML) 74, marking the company’s first major success since taking over the asset last year.
According to preliminary results, the well encountered about 1,000 feet (305 metres) of crude oil-bearing reservoirs across seven zones. The company said data and fluid tests confirmed the presence of light oil in high-quality reservoirs, although it did not provide additional details.
OML 74 is a large shallow-water block located in the eastern Niger Delta and contains at least eight previously undeveloped discoveries. The discovery could support Nigeria’s efforts to increase crude oil production and strengthen its reserves after years of declining output.
Renaissance Energy, which now owns Shell’s former onshore and shallow-water assets in Nigeria, operates the country’s largest upstream joint venture and its portfolio includes 18 oil leases, two export terminals and a floating production, storage and offloading vessel (FPSO) in the Niger Delta.
