Renaissance Africa Energy Holdings has finalized a $1.3 billion acquisition of Shell’s Nigerian subsidiary, SPDC. This acquisition grants control over SPDC’s onshore assets in the Niger Delta region. All regulatory approvals have been secured, and SPDC will be renamed Renaissance Africa Energy Company Limited. The consortium includes several Nigerian oil firms along with the international energy company Petrolin.
Renaissance Africa Energy Holdings, a consortium of independent oil and gas entities, has successfully acquired Shell’s Nigerian subsidiary, Shell Petroleum Development Company (SPDC), for $1.3 billion. This acquisition encompasses a complete 100% equity stake in SPDC, granting Renaissance control over onshore assets situated within Nigeria’s Niger Delta region. The sale and purchase agreement was originally established in January 2024, with all necessary regulatory approvals now secured.
The completion of this acquisition marks a significant milestone for Renaissance Africa Energy, reinforcing its commitment to becoming a leading player in Africa’s oil and gas sector. The consortium aims to enhance energy security and support industrialization sustainably. With the support of the Nigerian Federal Government and effective collaboration among its member companies, Renaissance is poised to make a positive impact in the region.
Original Source: energycapitalpower.com
