PREMIUM TIMES NG
Renaissance Africa Energy Holdings announced that it has successfully completed the acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria (SPDC).
The company, in a statement on Thursday, said this follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction.
“Renaissance Africa Energy Holdings today announced that it has successfully completed the landmark transaction between itself and Shell for the acquisition of the entire (100 per cent) equity holding in the Shell Petroleum Development Company of Nigeria (SPDC),” the statement said.
Going forward, it said SPDC will be renamed as Renaissance Africa Energy Company Limited.
The statement explained that 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.
Managing Director/Chief Executive Officer of Renaissance, Tony Attah, said: “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 Honourable Minister of Petroleum Resources, and the Chief Executive Officer of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC Ltd) 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…
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