Renaissance Completes 100% Acquisition of SPDC Nigeria

•Says its partner firms boast of over $3bn asset base, 100,000bpd and two modular refineries 

Peter Uzoho

Renaissance Africa Energy Holdings has  announced that it had successfully completed the 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 completion followed the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction.

Renaissance announced the landmark completion of the acquisition of SPDC in a statement issued yesterday, signed by its Spokesman, Mr. Tony Okonedo.

Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited, the statement stated. 

Renaissance Africa Energy Holdings is a consortium consisting of four successful Nigerian independent oil and gas companies including ND Western Limited, AradelHoldings Plc. FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group, as well as Petrolin, an international energy company.

The company is being headed by the former Managing Director of the Nigeria Liqufied Natural Gas Limited (NLNG), Mr. Tony Attah.

Renaissance partner companies collectively have an asset base of more than $3 billion and currently safely produce approximately 100,000 barrels of oil per day, from 12 oil mining leases and operate two functioning modular refineries in Nigeria’s Niger Delta.

The new company said it is prepared to leverage its core competencies, technology and experience to lead the delivery of Nigeria’s aspiration for accelerated oil and gas reserves and production growth and to thrive beyond the energy transition.

Renaissance is also committed to taking its place as Africa’s leading oil and gas company, dedicated to fostering energy security, innovation, and sustainable development.

The statement read, “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). 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. 

“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.”  

Commenting on the successful acquisition, Managing Director of Renaissance, Attah stated, “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 CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the GCEO 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”.