In a bold call to action, the Chairman Chairman of the Board of Directors of Nigeria's Renaissance Africa Energy Company Limited, Dr. Layi Fatona, has urged African nations to take full ownership of the continent's vast hydrocarbon resources, positioning energy leadership as the key to unlocking industrialisation and sustainable development.

He spoke at a high-level panel, themed: "Frontier Plays in Mature Basins," at the ongoing Africa Energy Week in Cape Town, South Africa.

Fatona said on Tuesday: "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 there was a need for deeper strategic thinking and the deployment of cutting-edge technologies to maximise existing assets.

He said: "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."

According to Dr. Fatona, 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 added.

He 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.

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 composed of NNPC Limited, TotalEnergies, and Agip Energy and Natural Resources.