en.Wedoany.com Reported - The African Energy Chamber (AEC) has disclosed that a light oil-bearing layer was discovered in the JK-004 exploration well within Nigeria's Oil Mining Lease (OML) 74. The well confirmed the presence of light oil across seven reservoirs spanning approximately 1,000 feet, validating the exploration prospects of the area and enhancing further exploration potential within the lease.

This discovery comes as Nigeria advances its energy strategy, aiming to increase crude oil production to 1.8 million barrels per day in the near term, reach 2 million barrels per day by 2027, and achieve a target of 4 million barrels per day by 2030, while expanding its reserve base to ensure long-term production. Currently, this African nation holds 37.01 billion barrels of proven crude oil and condensate reserves, with a reserve life of approximately 59 years at current production levels.

NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), stated that the JK-004 discovery demonstrates that exploration remains the lifeblood of the industry and reinforces the importance of sustained investment to unlock Nigeria's hydrocarbon potential. He also noted that Nigeria's "Drill, Baby, Drill" revolution is being driven by local companies that understand the long-term value of exploration, and Renaissance's achievements showcase the innovation, technical expertise, and commitment needed to unlock Africa's energy potential. Such investments will create jobs, strengthen local capacity, and position Nigeria as a competitive global upstream destination.