Renaissance Africa Energy has completed the “acquisition of the entire (100%)” equity holding in Shell Petroleum Development Company of Nigeria (SPDC) in a deal worth $2.4 billion.
This development was announced in a statement on Thursday by the spokesman of Renaissance Africa Energy Holdings Tony Okonedo who said the acquisition was completed on the same day.
Renaissance is a consortium formed by ND Western, Aradel Energy, First Exploration & Production (E&P), Waltersmith, and Petrolin.
Ripples Nigeria reports that in January 2024, Shell announced that it has agreed to sell its Nigerian inshore oil assets to Renaissance Africa for over $1.3 billion, subject to regulatory approvals.
However, on October 21, when the federal government announced the approval of other divestment deals, the Shell-Renaissance transaction did not scale the regulatory test.
In the latest development, Renaissance in the announcement titled “Renaissance Completes Acquisition Of Shell Petroleum Development Company Of Nigeria (SPDC)” stated that SPDC will be renamed as Renaissance Africa Energy Company Limited.
It reads, “Renaissance Africa Energy Holdings today announced that it has successfully completed the landmark transaction between itself and Shell for the acquisition of the entire (100%) equity holding in the Shell Petroleum Development Company of Nigeria (SPDC). This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction. 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.
“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” said Tony Attah, Managing Director/CEO of Renaissance.
By: Babajide Okeowo