Shell recently announced a deal to sell its Nigerian onshore oil assets for over $1.3 billion, pending government approval.
Petrolin, a consortium company involved in the transaction, confirmed the signing of the agreement in a statement on their website.
The consortium, known as Renaissance, includes ND Western Limited, Aradel Holdings Plc, the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group.
What the statement said
- “We are pleased to announce the signing of a landmark transaction with Shell International PLC to acquire its entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC).
- Renaissance is a consortium consisting of ND Western Limited, Aradel Holdings Plc, the Petrolin Group, FIRST
- Exploration and Petroleum Development Company Limited and the Waltersmith Group, each with demonstrable and proven operational capabilities.
- This acquisition marks a significant milestone for Renaissance, establishing its strategic position in the Nigerian market. We are committed to ensuring a smooth transition and look forward to leveraging our expertise in partnership with SPDC’s industry-leading staff and to working in partnership with all the stakeholders in the SPDC-JV to drive continued growth and success in Nigeria and beyond.
- Completion of the transaction is subject to the requisite regulatory approvals.”
Optics
This acquisition stands as a noteworthy achievement for Renaissance, strategically solidifying its presence in the Nigerian market. The consortium pledges a smooth transition, leveraging operational prowess and partnering with SPDC to foster growth in Nigeria and beyond, contingent on regulatory endorsements.
Here is a brief profile of the leaders of these key consortium members set to influence the future of Nigeria’s oil and gas industry
1 ND Western
ND Western, led by Managing Director/CEO Eberechukwu Oji since March 2020, operates in a joint venture with the Nigerian Petroleum Development Company Limited, holding the remaining 55% interest.
- ND Western Limited is an independent Nigerian oil and gas exploration company, formed in 2011 through a consortium, including Niger Delta Petroleum Resources Limited, Petrolin Trading Limited, FIRST Exploration & Petroleum Development OML 34 Limited, and Walter-Smith Exploration and Production Limited.
- The company acquired a 45% participating interest in Oil Mining Lease (OML) 34 from The Shell Petroleum Development Company of Nigeria, Total E&P Nigeria Limited, and Nigerian Agip Oil Company Limited.
2 Aradel Energy
Aradel Energy, initially named Midas Drilling Fund in 1992, evolved into Nigeria’s first integrated oil and gas investment company. Later becoming Niger Delta Exploration and Production Plc in 1996 and eventually adopting the name Aradel Energy in May 2023.
- Founded by the late Chief Godwin Aret Adams and other industry professionals, Aradel aimed to provide ordinary Nigerians with investment opportunities in the oil and gas sector.
- Currently led by Managing Director/CEO Adegbite Falade, a First-Class Electrical & Electronics Engineering graduate with an MBA from Warwick Business School.
- With over 15 years of experience, Falade has held senior roles in various sectors, contributing to Aradel’s growth.
3 First E&P
Ademola Adeyemi-Bero, a seasoned Oil & Gas professional, serves as the Managing Director/CEO, steering FIRST E&P toward sustainable success. Henry Odein Ajumogobia holds the position of Chairman at First E&P.
- Adeyemi-Bero brings extensive experience from his tenure as President of BG (British Gas) Nigeria and a 20-year stint with Shell, holding significant roles globally. As Business Director/Board Executive of Shell Petroleum Development Company Nigeria Limited (SPDC), he oversaw corporate strategy, planning, commercial activities, JV management, information technology, and the exploration portfolio.
- Additionally, he served as VP for New Business Development in Africa at Shell Group’s corporate head offices, leading strategies for new country entries and growth in existing positions.
- First Exploration & Petroleum Development Company Limited (First E&P) is a Nigerian independent oil and gas firm established in 2011, initiating full operations on July 1, 2012.
- Notably, it marked a significant milestone on October 21, 2020, by commencing oil production from the Anyala Field in OML 83. Achieving a production plateau of 40,000 barrels of oil per day since Q1 2021 solidifies its position as a fully-fledged exploration and production company in Nigeria.
4 Waltersmith
Abdulrazaq Isa, Chairman, and Co-Founder of Waltersmith Group of Companies, is a seasoned entrepreneur and international businessman with over 30 years of experience in banking, financial services, and the oil & gas industry.
- Isa started his career in banking, co-founding Safetrust Savings & Loan Ltd and establishing Waltersmith, diversifying into sectors such as Oil and Gas, Real Estate, Hospitality, Agriculture, and Manufacturing.
- Waltersmith Petroman Oil Limited, founded in 1996 as a Joint Venture between Waltersmith & Associates Limited and Petroman Oil Limited of Calgary, Canada, operates as a Petroleum Exploration and Production company.
- In 2001, it transitioned to being wholly-Nigerian owned with the divestment of Petroman Oil Limited.
5 Petrolin
Samuel Dossou-Aworet, the founding chairman, holds degrees in Petrochemistry and Industrial Organic Synthesis from Ecole Centrale de Marseille and the French Institute of Petroleum, respectively.
- With over 40 years of experience in the oil and mining sector, he has held significant positions in both state structures and the private sector. Dossou-Aworet has served as Chairman of the Board of Governors of OPEC, Chairman of the Expert Committee of APPO/APPA, Founding member and first Chairman of the African Petroleum Institute, board member of CCA, and a member of AELG.
- Petrolin, established in 1992, is an international petroleum group engaged in hydrocarbons, mines, and infrastructure, prioritizing the creation of enterprises and partnerships based on the promotion of African values and local manpower engagement.
- Since its inception, Petrolin has been a preferred partner in the petroleum sector, supporting African business opportunities by connecting them with global realities.
