Renaissance Africa Energy to acquire Shell Petroleum Development Company of Nigeria

Renaissance Africa Energy has announced its move to acquire Shell Petroleum Development Company of Nigeria Limited. In a statement, it said the acquisition will be a landmark development. “We are pleased to announce the signing of a landmark transaction with Shell to acquire its entire shareholding in The Shell Petroleum Development Company of Nigeria Limited […]

Renaissance Africa Energy has announced its move to acquire Shell Petroleum Development Company of Nigeria Limited.

In a statement, it said the acquisition will be a landmark development.

“We are pleased to announce the signing of a landmark transaction with Shell to acquire its entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC).”

“Renaissance is a consortium consisting of ND Western Limited, Aradel Holdings Plc. the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group.

“This acquisition marks a significant milestone for Renaissance, establishing its strategic position in the Nigerian market. We are committed to ensuring a smooth transition and look forward to leveraging our expertise, in partnership with SPDC’s industry-leading staff and working in partnership with all the stakeholders in the SPDC-JV to drive continued growth and success in Nigeria and beyond.

“Completion of the transaction is subject to the requisite regulatory approvals.”