Renaissance Africa Energy Holdings has successfully completed its landmark $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).
After obtaining all necessary regulatory approvals, the transaction marks a major milestone in Nigeria’s energy sector. Renaissance will now rebrand SPDC as Renaissance Africa Energy Company Limited.
This acquisition officially ends Shell’s nearly 100-year presence in Nigeria’s onshore oil and gas sector. It also aligns with the broader trend of Western energy giants—ExxonMobil, Italy’s Eni, and Norway’s Equinor—scaling back their operations in the country.
Shell initially announced the sale to Renaissance, a consortium of five companies, in January. However, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) blocked the deal in October, citing Renaissance’s inability to demonstrate its capacity to manage the assets. These assets hold an estimated 6.73 billion barrels of oil and condensate, along with 56.27 trillion cubic feet of gas.
By December, Shell confirmed that Nigeria’s oil minister had approved the $2.4 billion sale of its onshore and shallow-water assets to Renaissance Group.
On March 13, 2025, Renaissance’s managing director and CEO, Tony Attah, expressed pride in finalizing the strategic acquisition.
“Renaissance aims to lead Africa’s oil and gas sector by ensuring energy security and driving industrialization sustainably,” Attah stated. “We appreciate the federal government’s approval of this milestone acquisition, aligning with the Petroleum Industry Act.”
Attah also thanked key stakeholders, including the Minister of Petroleum Resources, the CEO of NUPRC, and the Group CEO of NNPCL, for their foresight and support in facilitating the transaction. He emphasized that the acquisition would accelerate Nigeria’s oil and gas development and boost industrial growth.
Renaissance and its partners manage assets worth over $3 billion and currently produce about 100,000 barrels of oil per day across 12 oil mining leases. The consortium also operates two modular refineries in the Niger Delta, showcasing its ability to deliver value and innovation in the energy sector.
The Renaissance consortium includes four leading Nigerian independent oil and gas companies—ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group—alongside Petrolin, an international energy company with a strong global trading presence and a pan-African vision.
With extensive operational experience in the Niger Delta, these partners share a commitment to advancing sustainable energy development in Nigeria.
Source:businessday.ng
