Renaissance Africa Energy has announced its first oil discovery since taking over Shell’s former onshore oil assets in Nigeria, marking an important milestone for the indigenous energy company.

The discovery was made in Oil Mining Lease (OML) 74 after the successful drilling of an exploration well. According to the company, the well encountered commercially viable hydrocarbons, reinforcing the asset’s production potential and expanding Renaissance’s resource base.

The find is the first exploration success recorded by Renaissance since completing the acquisition of Shell Petroleum Development Company’s onshore business in Nigeria. The company said the result reflects its commitment to unlocking additional value from the assets through renewed exploration and investment.

Renaissance noted that further appraisal work will be carried out to determine the full size of the discovery and the best approach for developing the field before production begins.

The discovery comes as the company works to increase crude oil production across its portfolio following the transfer of the former Shell-operated assets. Renaissance has outlined plans to boost output through field redevelopment, new drilling campaigns and improvements to oil production infrastructure.

Industry analysts say the discovery is a positive signal for Nigeria’s upstream sector, demonstrating that indigenous operators can successfully develop assets acquired from international oil companies while supporting efforts to raise the country’s crude oil production and attract new investment.