Toba Owojaiye reporting
Benin City, Edo state.
Renaissance Africa Energy has officially acquired Shell’s entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC), marking a significant milestone for the consortium. The transaction, valued at over $1.3 billion, awaits regulatory approvals for completion.
Truth Live News reports that the consortium, comprising ND Western Limited, Aradel Holdings Plc., the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group, issued a statement expressing commitment to a smooth transition.
Renaissance aims to leverage its expertise, working collaboratively with SPDC’s staff and stakeholders in the SPDC-JV to foster growth in Nigeria and beyond.
Shell Plc’s decision to divest its Nigerian onshore oil assets aligns with its long-term strategy, simplifying its portfolio and focusing on deepwater and integrated gas positions in Nigeria.
If government approval is secured, the deal involves additional payments of up to $1.1 billion, underscoring the significance of this agreement for both parties.
Zoe Yujnovich, integrated gas and upstream director at Shell, emphasized the importance of this deal for Shell in Nigeria, stating that it marks a pivotal moment and enables the company to concentrate on disciplined investments in deepwater and integrated gas ventures.
As the transaction progresses, the spotlight remains on the regulatory landscape, awaiting the green light for a transformational shift in the Nigerian energy sector.