Dr. Layi Fatona, Chairman of Renaissance Africa Energy Company Limited, has called on African nations to take full ownership of the continent’s vast hydrocarbon resources.
Speaking at the Africa Energy Week in Cape Town, South Africa, Fatona emphasized the need for Africa to lead its own energy revolution, leveraging advanced technologies to optimize current assets and drive sustainable development. “The opportunity is here. The time is now. Let us lead our own energy revolution,” he declared.
Fatona lamented Africa’s longstanding inability to harness its abundant natural resources for meaningful development and the benefit of its people. “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,” he said.
The Renaissance chairman emphasized the importance of advanced technologies in enhancing exploration and production in mature basins. According to him, improved seismic imaging and rig capabilities are key to drilling high-pressure, high-temperature deep wells. “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 added.
Fatona also highlighted the potential for depleted reservoirs in the Niger Delta, Sirte Basin, and Lower Congo Basin to be repurposed for CO₂ storage, supporting decarbonization and the continent’s energy transition. This approach, he noted, would not only reduce the continent’s carbon footprint but also unlock new opportunities for sustainable development.
Renaissance Africa Energy Company Limited, formerly 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 composed of NNPC Limited, TotalEnergies, and Agip Energy and Natural Resources.
As Africa continues to grapple with the challenges of energy development, Fatona’s call to action serves as a reminder of the continent’s vast potential and the need for strategic thinking and innovative approaches to unlock its energy future.
