Renaissance Africa Energy Acquires Shell’s SPDC for $1.3 Billion

Renaissance Africa Energy Holdings has completed a $1.3 billion acquisition of Shell’s Nigerian subsidiary, SPDC. The acquisition includes control over SPDC’s onshore assets in the Niger Delta. The company has been renamed Renaissance Africa Energy Company Limited and aims to lead in energy security and sustainability in Africa. Regulatory approvals have been obtained, and the consortium comprises several notable firms.

Renaissance Africa Energy Holdings, a consortium of independent oil and gas firms, has successfully concluded the acquisition of Shell’s Nigerian subsidiary, Shell Petroleum Development Company of Nigeria (SPDC), for $1.3 billion. This acquisition secures a complete 100% equity stake in SPDC, which controls significant onshore assets in the Niger Delta region of Nigeria. The agreement, initially signed in January 2024, has obtained all necessary regulatory approvals and has led to the rebranding of SPDC as Renaissance Africa Energy Company Limited.

Tony Attah, the Managing Director and CEO of Renaissance Africa Energy, expressed enthusiasm for the acquisition, stating the organization aims to emerge as Africa’s foremost oil and gas enterprise, enhancing energy security and fostering sustainable industrialization. He noted that the Federal Government’s endorsement aligns with the Petroleum Industry Act, a milestone for the consortium.

The Renaissance consortium includes notable Nigerian oil and gas companies such as ND Western, Aradel Holdings, FIRST Exploration and Petroleum Development Company, and Waltersmith Group, along with international energy partner Petrolin. This partnership aims to bolster energy development within Nigeria and enhance the operational landscape of the oil and gas sector.

In summary, Renaissance Africa Energy Holdings has finalized a significant acquisition of Shell’s Nigerian unit, marking a pivotal development in Nigeria’s oil and gas industry. The $1.3 billion deal grants full control over SPDC’s assets, fostering a vision of energy security and sustainable industrial growth. The consortium, featuring prominent Nigerian and international partners, is poised to play a key role in transforming the energy landscape in Nigeria.

Original Source: energycapitalpower.com