Renaissance Africa Energy Holdings, a group of foreign and Nigerian energy companies, has fully acquired the Shell Petroleum Development Company of Nigeria (SPDC).
Renaissance Africa Energy Company Limited is the new name of the company, according to a press release released on Thursday by Renaissance’s spokesperson, Tony Okonedo.
The News Chronicles reported that the deal was finalized in December 2024 after regulatory approvals by the Nigerian government.
Okonedo claims that Renaissance has finished all the procedures necessary for SPDC’s complete ownership transfer to the consortium, and it will now function 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 stated.
According to Tony Attah, Managing Director/CEO, the goal of Renaissance Africa Energy Company Limited is to become Africa’s top producer of gas and oil while also assisting the continent in achieving energy security.
He pledged the company’s adherence to the Petroleum Industry Act and thanked the federal government.
“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,” CEO Tony Attahsaid.
Attah credited the Nigerian National Petroleum Company Limited (NNPCL), the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and Nigeria’s Minister of Petroleum Resources for helping to make the deal possible.
“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 To Note
The following businesses are part of the Renaissance consortium:
- ND Western Limited
- Aradel Holdings Plc
- FIRST Exploration and Petroleum Development Company Limited
- Waltersmith Group and Petrolin, an international energy firm
The statement claims these businesses together oversee assets valued at over $3 billion and generate almost 100,000 barrels of oil daily from 12 oil mining leases.
Additionally, the group has two modular refineries in the Niger Delta region of Nigeria.
