Shell asset acquisition marks new dawn in oil sector, says Kalejaiye

Chief Executive Officer of ND Western Limited, Lanre Kalejaiye, has described the completion of the $2.4 billion acquisition of assets of Shell Petroleum Development Company (SPDC) in Nigeria as historic and the beginning of a new dawn in the energy sector.

Renaissance Africa Energy Company, a consortium of ND Western and other firms, last week, announced the successful completion of the acquisition of the assets.

Kalejaiye, in a statement issued yesterday, said the deal represented a defining moment and that ND Western is committed to leveraging its technical expertise to sustain the growth of the sector.

“This represents a defining moment for Nigeria’s oil and gas industry. As a partner in Renaissance Africa Energy Company, ND Western is committed to leveraging our technical and operational expertise and experience to sustain and grow production from the Renaissance assets.

“We look forward to working with our consortium partners to deliver sustainable energy solutions that will contribute to Nigeria’s economic prosperity,” he said.

ND Western’s other partners in the deal are Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, Waltersmith Group and an international energy company, Petrolin Group.

ND Western boss said the landmark deal reinforced the capacity of indigenous companies to develop the country’s hydrocarbon resources sustainably. Renaissance, he said, would enhance Nigeria’s energy security to drive industrial and economic growth, create jobs and boost local capacity development.

With the deal, Renaissance has established its position as a key player in Nigeria’s upstream sector.