Renaissance Africa Energy Holdings has successfully completed the acquisition of 100% equity of Shell Petroleum Development Company (SPDC) of Nigeria.
The acquisition followed the formal signing of a sale and purchase agreement between the holding company and Shell in January 2024, and obtaining all regulatory approvals required for the transaction from the industry regulator, the Nigerian Upstream Regulatory Commission (NUPRC) and other regulatory authorities.
Consequently, SPDC, which is reputed to Nigeria’s largest joint venture operator in the oil and gas industry, would henceforth 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.
The partner companies of Renaissance Africa Energy, which collectively have an asset base of more than $3 billion and currently produce approximately 100,000 barrels of oil per day from 12 oil mining leases, operate two functioning modular refineries in Nigeria’s Niger Delta in partnership with Petrolin, an international energy company with global trading experience and a pan African outlook.
Managing Director/CEO of Renaissance Africa, Tony Attah, expressed excitement over the completion of the deal, which experts describe as another positive step by Nigerians to participate in the development of the country’s hydrocarbon resources.
“We are extremely proud to have completed this strategic acquisition,” Attah said. “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 added.
“We extend our appreciation to the Honourable Minister of Petroleum Resources, and 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 strategic accelerator for the country’s industrial development”.
The company said its partners are prepared to leverage their core competencies, technology and experience, to lead the delivery of Nigeria’s aspiration for accelerated oil and gas reserves and production growth and to thrive beyond the energy transition.
“Renaissance is committed to taking its place as Africa’s leading oil and gas company, dedicated to fostering energy security, innovation, and sustainable development,” it said in a statement.
