Renaissance Africa Energy Holdings, a consortium of Nigerian and international energy firms, has completed the acquisition of the Shell Petroleum Development Company of Nigeria (SPDC).
According to a Press Release issued by the spokesperson of Renaissance, Tony Okonedo, on Thursday, the company is now known as Renaissance Africa Energy Company Limited.
Nairametrics reported that the deal was finalized in December 2024 following regulatory approvals by the Nigerian government.
According to Okonedo, Renaissance has completed all processes for the full transfer of ownership of SPDC to the consortium, and it will now operate as Renaissance Africa Energy Company Limited.
“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%) equity holding in the Shell Petroleum Development Company of Nigeria (SPDC).
“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 read.
The Managing Director/CEO of Renaissance, Tony Attah, said Renaissance Africa Energy Company Limited has a vision to be the leading oil and gas producer in Africa and to help the continent achieve energy security.
He expressed gratitude to the federal government and pledged the company’s commitment to the Petroleum Industry Act.
“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 industrialization 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,” the CEO said.
Attah acknowledged the contributions of Nigeria’s Minister of Petroleum Resources, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian National Petroleum Company Limited (NNPCL) in facilitating the deal.
“We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the CEO 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 strategic accelerator for the country’s industrial development.”
What you should know
The Renaissance consortium comprises the following companies:
- ND Western Limited,
- Aradel Holdings Plc,
- FIRST Exploration and Petroleum Development Company Limited,
- Waltersmith Group, and Petrolin, an international energy firm.
According to the statement, these companies collectively manage assets worth over $3 billion and produce approximately 100,000 barrels of oil per day across 12 oil mining leases.
The group also operates two modular refineries in Nigeria’s Niger Delta.
