RAE urges African nations to take ownership of hydrocarbon resources - NaijaAgroNet

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The Nigeria’s Renaissance Africa Energy Company Limited has called on African nations to take full ownership of the continent’s vast hydrocarbon resources, stressing that energy leadership is central to unlocking industrialisation and sustainable development, reports NaijaAgroNet.

Speaking during a high-level panel on Frontier Plays in Mature Basins at the ongoing Africa Energy Week in Cape Town, South Africa, the Chairman of Renaissance’s Board of Directors, Dr. Layi Fatona, said the time has come for Africa to shift from dependency to leadership in energy matters.

“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,” Dr. Fatona declared.

He emphasised the need for deeper strategic thinking and deployment of cutting-edge technologies to maximise existing assets. According to him, mature basins such as the Niger Delta, Sirte Basin, and Lower Congo Basin should not be viewed as exhausted but as critical bridges to a cleaner, more secure energy future.

Dr. Fatona noted that advanced technologies—particularly improved seismic imaging and rigs capable of drilling high-pressure, high-temperature deep wells—hold the key to enhanced exploration and production. He also highlighted that depleted reservoirs in mature basins can be repurposed for CO₂ storage, thereby accelerating Africa’s decarbonisation and energy transition.

He lamented Africa’s longstanding inability to harness its abundant natural resources for meaningful development and urged leaders to embrace innovation and technology-driven approaches to optimise current assets.

“The opportunity is here. The time is now. Let us lead our own energy revolution,” he said.

NaijaAgroNet gathered that Renaissance, formerly The Shell Petroleum Development Company of Nigeria Limited, is now a wholly owned subsidiary of Renaissance Africa Energy Holding Company and serves as the operator of Nigeria’s largest upstream joint venture with NNPC Limited, TotalEnergies, and Agip Energy and Natural Resources.