Renaissance Africa completes acquisition of Shell

Renaissance Africa Energy Holdings has announced that it has successfully completed the acquisition of Shell’s 100 percent equity holding in the Shell Petroleum Development Company of Nigeria (SPDC). The company made the announcement in a statement on Thursday. Renaissance is a consortium formed by ND Western, Aradel Energy, First Exploration & Production (E&P), Waltersmith, and […]

Renaissance Africa Energy Holdings has announced that it has successfully completed the acquisition of Shell’s 100 percent equity holding in the Shell Petroleum Development Company of Nigeria (SPDC).

The company made the announcement in a statement on Thursday.

Renaissance is a consortium formed by ND Western, Aradel Energy, First Exploration & Production (E&P), Waltersmith, and Petrolin.

In January 2024, Shell said it agreed to sell its Nigerian inshore oil assets to Renaissance Africa for over $1.3 billion, subject to regulatory approvals.

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In the latest announcement, the company said “Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited’.

“Renaissance Africa Energy Holdings is a consortium consisting of 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,” the statement read.

Speaking of the acquisition, Tony Attah, managing director and chief executive officer (CEO) of Renaissance Africa said, “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,” he said.