Renaissance Africa Energy Holdings has finalized its acquisition of Shell Petroleum Development Company of Nigeria, marking a significant shift in Nigeria’s oil and gas sector. This transaction, valued at $2.4 billion, concludes Shell’s nearly century-long onshore operations in the country.
This comes after the sale and purchase agreement with Shell in January 2024 and the completion of all required regulatory approvals.
A statement on Thursday announced that SPDC will be renamed Renaissance Africa Energy Company Limited.
Renaissance Africa Energy Holdings is a consortium of four leading Nigerian independent oil and gas companies—ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, and Waltersmith Group—each with significant operational experience in the Niger Delta. It also includes Petrolin, an international energy company with global trading expertise and a pan-African perspective.
“We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.
“We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act.
“We extend our appreciation to the Minister of Petroleum Resources, and the CEO of the Nigeria Upstream Petroleum Regulatory Commission, and the GCEO of Nigeria National Petroleum Company Limited for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as strategic accelerator for the country’s industrial development,” said the Managing Director/Chief Executive Officer of Renaissance, Tony Attah.
