- Repurposing Nigeria’s depleted oil reservoirs could accelerate Africa’s clean energy transition.
- Advanced technologies will unlock mature basins while supporting carbon storage and sustainable development.
Repurposing Nigeria’s depleted oil reservoirs has become crucial in Africa’s energy transition. Renaissance Africa Energy Company Limited has urged Nigeria and other African nations to transform old reservoirs into tools for decarbonisation. This approach, the company believes, will accelerate industrialisation while promoting sustainable development across the continent.
At the Africa Energy Week in Cape Town, Dr Layi Fatona, Chairman of Renaissance’s Board of Directors, emphasised the need for Africa to take full ownership of its hydrocarbon resources. He argued that the continent cannot continue to rely heavily on external supply chains. Instead, it must adopt innovative strategies that channel natural wealth into meaningful growth.
Fatona explained that mature basins such as the Niger Delta, Sirte, and Lower Congo could play a central role in shaping a cleaner energy future. Furthermore, he stressed that advanced technologies like improved seismic imaging and high-pressure drilling will unlock untapped potential in these regions.
According to him, depleted oil reservoirs across Africa offer significant opportunities for carbon dioxide storage. This, he said, would not only support decarbonisation but also help Africa align with global energy transition targets. By repurposing these assets, Nigeria and its neighbours can position themselves as leaders in clean energy innovation.
Fatona lamented Africa’s failure to convert vast natural resources into broad-based development. As a result, he warned, the continent remains vulnerable to global shocks. Nevertheless, he insisted that the tide can turn if African nations embrace technology, refine their strategies, and optimise mature assets.
He concluded with a call to action: “The opportunity is here. The time is now. Let us lead our own energy revolution.”
Renaissance, formerly Shell Petroleum Development Company of Nigeria, now operates Nigeria’s most significant upstream joint venture alongside NNPC Limited, TotalEnergies, and Agip Energy and Natural Resources.