Nigeria’s Renaissance Africa Energy Company Limited has urged African nations to take full ownership of the continent’s vast hydrocarbon resources.

It called the continent to action by positioning energy leadership as the key to unlocking industrialisation and sustainable development.

A statement by Mr Michael Adande, Renaissance’s Spokesman quoted Dr. Layi Fatona, Chairman of the Board of Directors at Renaissance as making the advocate at the ongoing Africa Energy Week at Cape Town in South Africa.

“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 Fatona.

According to Adande, Fatona spoke on Tuesday during a high-level panel themed Frontier Plays in Mature Basins, at the ongoing Africa Energy Week in Cape Town, South Africa.

Fatona said there was a need for deeper strategic thinking and the deployment 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.

According to him, the key enabler for enhanced exploration and production in mature basins lies in advanced technologies, particularly improved seismic imaging and rig capabilities to drill high-pressure, high-temperature deep wells.

“Depleted reservoirs in the Niger Delta, Sirte Basin, and Lower Congo Basin can be repurposed for CO₂ storage, thereby supporting decarbonisation and the continent’s energy transition,” he noted.

Fatona lamented Africa’s longstanding inability to harness its abundant natural resources for meaningful development and the benefit of its people.

He called on leaders across the continent to deepen strategic approaches and embrace innovative work processes, while deploying advanced technologies to optimise current assets.

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

Renaissance, which acquired Shell Petroleum Development Company of Nigeria Limited, is a wholly owned subsidiary of Renaissance Africa Energy Holding Company.

It is the operator of Nigeria’s largest upstream joint venture comprising NNPC Limited; TotalEnergies and Agip Energy and Natural Resources