Renaissance Africa Energy Completes $1.3 Billion Acquisition of SPDC

Renaissance Africa Energy Holdings has completed a $1.3 billion acquisition of Shell’s Nigerian subsidiary, SPDC, gaining full control of its onshore assets in the Niger Delta. The acquisition has received necessary regulatory approvals and has led to the rebranding of SPDC. The consortium aims to promote energy security and sustainability in Africa.

Renaissance Africa Energy Holdings, a consortium of independent oil and gas companies, has successfully completed the acquisition of Shell’s Nigerian subsidiary, Shell Petroleum Development Company of Nigeria (SPDC), for $1.3 billion. This transaction involves a full 100% equity stake in SPDC, marking a significant milestone for the consortium.

As a result of this acquisition, Renaissance assumes control of SPDC’s onshore assets located in the Niger Delta region of Nigeria. The initial sale and purchase agreement was signed in January 2024, and the consortium has since received all necessary regulatory approvals. Following the acquisition, SPDC has been rebranded to Renaissance Africa Energy Company Limited.

Tony Attah, Managing Director & CEO of Renaissance Africa Energy, articulated the company’s ambitions, stating that it aims to become Africa’s leading oil and gas entity while promoting energy security and sustainable industrialization. The completion of this acquisition aligns with the guidelines established by the Petroleum Industry Act, receiving approval from the Federal Government.

The Renaissance consortium comprises notable Nigerian oil and gas firms such as ND Western, Aradel Holdings, FIRST Exploration and Petroleum Development Company, and the Waltersmith Group, alongside the international energy company, Petrolin. With this diverse consortium, Renaissance positions itself to leverage local expertise and international energy practices in the Nigerian market.

In conclusion, the completion of the $1.3 billion acquisition of SPDC by Renaissance Africa Energy Holdings represents a strategic expansion into the Nigerian oil and gas sector. This acquisition not only reaffirms the consortium’s commitment to energy security and sustainable practices in Africa but also signifies an important milestone in the evolution of the local energy landscape, benefitting from both local and international partnerships.

Original Source: energycapitalpower.com