Renaissance Africa Energy Holdings has finalized its $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC), marking a pivotal shift in Nigeria’s oil and gas landscape. The transaction, completed after receiving all necessary regulatory approvals, signifies the end of Shell’s nearly century-long operations in Nigeria’s onshore oil and gas sector.
SPDC will now be rebranded as Renaissance Africa Energy Company Limited. The acquisition is part of a broader withdrawal of Western energy companies from Nigeria, including ExxonMobil, Italy’s Eni, and Norway’s Equinor.
Initially announced in January, the deal was temporarily blocked by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October, citing concerns over Renaissance’s capacity to manage the assets, which include an estimated 6.73 billion barrels of oil and condensate and 56.27 trillion cubic feet of gas. However, in December, Shell confirmed receiving approval from Nigeria’s oil minister to proceed with the sale.
Tony Attah, Managing Director and CEO of Renaissance, expressed pride in completing the strategic acquisition, emphasizing its alignment with Nigeria’s Petroleum Industry Act.
“The Renaissance vision is to be Africa’s leading oil and gas company, enabling energy security and industrialization in a sustainable manner,” Attah said.
Renaissance’s partners, comprising ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, and Waltersmith Group, along with Petrolin, collectively boast an asset base exceeding $3 billion and produce approximately 100,000 barrels of oil per day from 12 oil mining leases.
Source: BusinessDay.ng and Africa Oil & Gas Report
