Renaissance Africa Energy Holdings has completed a $1.3 billion acquisition of Shell’s Nigerian subsidiary, SPDC, gaining full control of its onshore assets. The company will be rebranded to Renaissance Africa Energy Company Limited. Regulatory approvals have been secured, and the consortium aims to lead in African energy while ensuring sustainable development.
Renaissance Africa Energy Holdings, a collective of independent oil and gas enterprises, has successfully completed the acquisition of Shell’s Nigerian subsidiary, Shell Petroleum Development Company (SPDC), for $1.3 billion. This transaction includes a full 100% equity stake in SPDC and consolidates Renaissance’s control over SPDC’s onshore assets in the Niger Delta area.
The acquisition process included a sale and purchase agreement finalized in January 2024, which has since received all necessary regulatory approvals. Following this acquisition, SPDC will now operate under the name Renaissance Africa Energy Company Limited.
Tony Attah, Managing Director & CEO of Renaissance Africa Energy, remarked on the significance of this development, stating that the consortium aims to position itself as Africa’s foremost oil and gas company while promoting energy security and sustainable industrial growth. He expressed gratitude for the Federal Government’s approval of the acquisition in line with the Petroleum Industry Act.
The Renaissance consortium includes Nigerian companies ND Western, Aradel Holdings, FIRST Exploration and Petroleum Development Company, and the Waltersmith Group, along with the international energy firm Petrolin. This collaborative structure highlights a robust mix of local and international expertise within the consortium.
In summary, Renaissance Africa Energy’s acquisition of SPDC for $1.3 billion marks a significant milestone in the African energy sector. This strategic move enhances their operational footprint in Nigeria’s lucrative oil-rich regions while fostering local collaboration through the consortium’s diverse membership. The approval from the Federal Government aligns with ongoing efforts to strengthen energy security and sustainable practices in the region.
Original Source: energycapitalpower.com
