Nigeria’s Renaissance Africa Energy Company Limited has called on African nations to take full ownership of the continent’s vast hydrocarbon resources, describing energy leadership as critical to achieving industrialisation and sustainable development.
“We are sitting on immense natural wealth, yet we remain dependent. This must change. Renaissance is here to ignite that change, starting from Nigeria and spreading across the continent,” said Dr. Layi Fatona, Chairman of the Board of Directors at Renaissance, on Tuesday during a high-level panel themed Frontier Plays in Mature Basins at the ongoing Africa Energy Week in Cape Town, South Africa.
Dr. Fatona stressed the need for deeper strategic thinking and the use of cutting-edge technologies to maximise existing assets. “We must move beyond extraction to transformation. Mature basins like the Niger Delta, Sirte, and Lower Congo are not just relics—they are bridges to a cleaner, more secure energy future,” he said.
He identified advanced technologies such as improved seismic imaging and high-capacity drilling rigs as key enablers for enhanced exploration and production in mature basins. He further highlighted the potential of depleted reservoirs in the Niger Delta, Sirte Basin, and Lower Congo Basin to be repurposed for CO₂ storage, supporting decarbonisation and Africa’s energy transition.
Lamenting Africa’s failure to fully harness its natural resources for the benefit of its people, Dr. Fatona urged continental leaders to adopt innovative approaches and optimise current assets. “The opportunity is here. The time is now. Let us lead our own energy revolution,” he declared.
Renaissance, formerly The Shell Petroleum Development Company of Nigeria Limited, is a wholly owned subsidiary of Renaissance Africa Energy Holding Company and operator of Nigeria’s largest upstream joint venture with NNPC Limited, TotalEnergies, and Agip Energy and Natural Resources..
