Renaissance Energy Completes Full Acquisition of Shell Nigeria’s $2.4bn Onshore Assets

Renaissance Africa Energy has finally completed the acquisition of the entire equity holding in Shell Petroleum Development Company of Nigeria (SPDC).

This follows regulatory approvals by The Nigerian Upstream Petroleum Regulatory Commission (NUPRC); a process which had been stymied for over a year due to what was referred to as insufficient capacity to handling the assets under acquisition.

Renaissance Africa Energy Holdings comprises four successful Nigerian independent oil and gas companies: ND Western Limited, Aradel Holdings Plc. FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group, each with considerable operations experience in the Niger Delta, and Petrolin, an international energy company with global trading experience and a pan African outlook.

Spokesman of Renaissance Africa Energy Holdings Tony Okonedo, in a statement on Thursday explained that the acquisition was completed on the same day.

“This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction,it said.

SPDC will be renamed as ‘Renaissance Africa Energy Company Limited, the statement added.

“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,” said the Managing Director/CEO of Renaissance Tony Attah.

He added: “We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as a strategic accelerator for the country’s industrial development”.