Top Nigerian indigenous oil and gas companies under the Renaissance Africa Energy Consortium have announced plans to acquire the Shell Petroleum Development Company (SPDC) interest in Nigeria.
The consortium consist of ND Western Limited, Aradel Holdings Plc., the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group.
In a statement sent to reporters on Tuesday, the consortium said the completion of the landmark transaction is however subject to requisite regulatory approvals by the upstream petroleum industry regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“We are pleased to announce the signing of a landmark transaction with Shell Group to acquire its entire shareholding in Shell Petroleum Development Company of Nigeria Limited (SPDC).
“This acquisition marks a significant milestone for Renaissance Consortium, 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-Joint Venture to drive continued growth and success in Nigeria and beyond,” the statement said.
The acquisition of onshore oil and gas concessions operated by the multinational companies that are relocating their operations offshore is part of a deliberate strategy by indigenous operators to enhance their capacity to increase their output to the country’s overall production.
Due to increasing restiveness in the Niger Delta region, most the multinational oil companies, notably Shell and ExxonMobil, have either sold their oil concessions to smaller operators and relocated offshore, or left the country to seek more lucrative investment opportunities elsewhere.
