Renaissance Africa Energy Holdings has completed a $1.3 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC), gaining full control over its onshore assets. The acquisition received all regulatory approvals, with SPDC now renamed to Renaissance Africa Energy Company Limited. The consortium aims to establish itself as a leading energy provider in Africa, ensuring energy security and sustainability.
Renaissance Africa Energy Holdings, a consortium of independent oil and gas entities, has successfully completed the acquisition of Shell Petroleum Development Company of Nigeria (SPDC) for $1.3 billion. This acquisition grants Renaissance full ownership of SPDC’s onshore assets located in the Niger Delta region. The sale and purchase agreement was first signed in January 2024, and all necessary regulatory approvals have since been secured. SPDC has now been rebranded as Renaissance Africa Energy Company Limited.
Tony Attah, Managing Director and Chief Executive Officer of Renaissance Africa Energy, emphasized the organization’s ambition, stating that “the Renaissance vision is to be Africa’s leading oil and gas company, enabling energy security and industrialization in a sustainable manner.” He expressed satisfaction with the Nigerian government’s approval, highlighting the achievement’s importance in accordance with the Petroleum Industry Act.
The consortium includes notable Nigerian firms such as ND Western, Aradel Holdings, FIRST Exploration and Petroleum Development Company, and the Waltersmith Group, alongside international energy firm Petrolin. This collective effort aims to enhance energy production and operational capacity in Nigeria.
The acquisition of Shell’s Nigerian subsidiary SPDC by Renaissance Africa Energy Holdings marks a significant milestone for energy development in Nigeria. With a focus on sustainable industrialization and energy security, the consortium aims to strengthen the oil and gas sector. The deal, fully compliant with the Petroleum Industry Act, showcases the commitment of Renaissance and its partners to advance the country’s energy landscape.
Original Source: energycapitalpower.com
