WATCH THE VIDEO HERE Renaissance Africa Energy has finally completed the acquisition of the entire 100 per cent equity holding in Shell Petroleum Development Company of Nigeria (SPDC). This is according to a statement on Thursday by the spokesman of Renaissance Africa Energy Holdings, Mr Tony Okonedo who said the acquisition was completed on the same day. “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,” the statement added. The deal had hit a snag last year October because the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) raised issues about the ability of the firm to takeover the $1.3 billion asset. However, it was then approved in December. 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. Speaking on the deal, Mr Tony Attah, the Managing Director/CEO of Renaissance noted that “We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be ‘Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.’ “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.” “We extend our appreciation to the Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as a strategic accelerator for the country’s industrial development,” he added.
Renaissance Finally Completes Acquisition of Shell Onshore Assets
