Renaissance Africa Energy Holdings has completed a $1.3 billion acquisition of Shell’s Nigerian subsidiary, SPDC. This acquisition includes a full control of SPDC’s onshore assets in the Niger Delta. The consortium comprises several Nigerian oil firms and aims to enhance energy security in Africa.
Renaissance Africa Energy Holdings, comprising a consortium of independent oil and gas enterprises, has successfully acquired Shell Petroleum Development Company of Nigeria (SPDC) for a total consideration of $1.3 billion. This transaction includes a complete equity stake in SPDC, thus allowing Renaissance to manage SPDC’s onshore assets located in the Niger Delta area.
The journey of this acquisition commenced with a sale and purchase agreement signed in January 2024, followed by the completion of all necessary regulatory approvals. Following the acquisition, SPDC has been officially renamed Renaissance Africa Energy Company Limited.
Tony Attah, the Managing Director and CEO of Renaissance Africa Energy, remarked on the acquisition’s significance, emphasizing the vision to establish a leading oil and gas entity in Africa that supports energy security and sustainable industrial growth. He expressed satisfaction with the Federal Government’s endorsement of the acquisition, aligning with the Petroleum Industry Act’s frameworks.
The consortium behind Renaissance includes reputable Nigerian firms such as ND Western, Aradel Holdings, FIRST Exploration and Petroleum Development Company, and the Waltersmith Group, alongside the international energy company Petrolin.
The successful acquisition of SPDC by Renaissance Africa Energy Holdings represents a significant milestone within Nigeria’s oil sector, reinforcing the commitment to energy security and industrial sustainability. With backing from a capable consortium and governmental approval, Renaissance is poised to influence the energy landscape positively.
Original Source: energycapitalpower.com
