Fossil Energy
On Tuesday, Nigerian oil producer Renaissance Energy announced that it had made an oil discovery offshore Nigeria after drilling an exploration well in Oil Mining Lease (OML) 74.
This is the company’s first major success since acquiring the asset last year.
Preliminary results showed around 305 metres (1,000 feet) of oil-bearing reservoirs across seven zones. Data and fluid tests confirmed the presence of light oil in high-quality reservoirs, Renaissance said in a statement. No further details were provided.
OML 74 is a large, shallow-water block in the eastern Niger Delta, off Nigeria’s coast, which holds at least eight previously undeveloped oil fields.
This discovery could bolster Nigeria’s efforts to reverse the decline in its crude oil output and increase its reserves.
Renaissance now owns Shell’s former onshore and shallow-water assets and operates Nigeria’s largest upstream joint venture, comprising 18 oil leases, two export terminals, and an FPSO vessel in the oil-rich delta.
