Renaissance Africa Energy Holdings has acquired Shell’s Nigerian subsidiary, SPDC, for $1.3 billion, securing 100% equity. The acquisition includes control over onshore assets in the Niger Delta. The company has been renamed Renaissance Africa Energy Company Limited. The consortium consists of Nigerian firms and the international company Petrolin. CEO Tony Attah highlighted the acquisition’s alignment with Nigeria’s Petroleum Industry Act.
Renaissance Africa Energy Holdings, comprising a consortium of independent oil and gas companies, has successfully finalized the acquisition of Shell Petroleum Development Company of Nigeria (SPDC) for $1.3 billion. This acquisition grants Renaissance complete ownership of SPDC’s assets, primarily located in the Niger Delta region. A sale and purchase agreement was first signed in January 2024, and all necessary regulatory approvals have since been obtained. Following this acquisition, SPDC will operate under the new name, Renaissance Africa Energy Company Limited.
Tony Attah, the Managing Director and CEO of Renaissance Africa Energy, emphasized the consortium’s ambition, stating, “The Renaissance vision is to be Africa’s leading oil and gas company, enabling energy security and industrialization in a sustainable manner.” He underlined the significance of receiving approval from the Federal Government, reinforcing that the acquisition aligns with the provisions of the Petroleum Industry Act.
The Renaissance consortium is composed of notable Nigerian firms, including ND Western, Aradel Holdings, FIRST Exploration and Petroleum Development Company, and the Waltersmith Group, alongside the international energy company Petrolin. This collaboration signifies a significant step forward in revitalizing energy management in Nigeria.
The completion of the $1.3 billion acquisition of SPDC by Renaissance Africa Energy represents a significant milestone in Nigeria’s oil and gas sector. The move is intended to bolster energy security and foster sustainable industrialization across the continent. Additionally, the collaboration of local and international companies within the Renaissance consortium exemplifies a promising partnership aimed at advancing the energy landscape in Nigeria.
Original Source: energycapitalpower.com
