Renaissance Africa Energy has finalized the $1.3 billion acquisition of Shell’s Nigerian subsidiary, SPDC, taking full control of its onshore assets in the Niger Delta. All necessary regulatory approvals have been obtained, and SPDC has been rebranded as Renaissance Africa Energy Company Limited. CEO Tony Attah emphasized the vision of becoming a leader in sustainable energy in Africa.
Renaissance Africa Energy Holdings, a coalition of independent oil and gas firms, has successfully completed the acquisition of Shell Petroleum Development Company of Nigeria (SPDC) for $1.3 billion. This deal grants Renaissance full control over SPDC’s onshore assets situated in the Niger Delta region. Originally formalized with a sale and purchase agreement in January 2024, all regulatory approvals have now been secured, leading to the rebranding of SPDC as Renaissance Africa Energy Company Limited.
Tony Attah, Managing Director and CEO of Renaissance Africa Energy, expressed enthusiasm regarding this pivotal acquisition, stating, “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 consortium leading this significant venture includes notable Nigerian firms such as ND Western, Aradel Holdings, FIRST Exploration and Petroleum Development Company, Waltersmith Group, and international energy entity Petrolin. The achievement not only demonstrates Renaissance’s ambition but also marks a vital step in enhancing energy security within Nigeria.
The successful completion of Renaissance Africa Energy’s acquisition of SPDC signifies a substantial advancement in the Nigerian oil and gas sector. This acquisition not only strengthens Renaissance’s operational capabilities but also highlights its commitment to fostering sustainable energy solutions in Africa. The endorsement from the Federal Government underlines the alignment with the Petroleum Industry Act, paving the way for enhanced industrialization and energy security in the region.
Original Source: energycapitalpower.com
