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Renaissance Africa Energy to acquire Shell’s stake in SPDC in landmark deal

By : Guardian Nigeria

Date: 16 January 2024 11:38am WAT

BRITAIN-ENERGY-FUEL-GAS-DIESEL

A photograph taken on April 30, 2022 shows the logo of the multinational oil and gas company Shell at a petrol station in Eltham, south east of London. - Britain has been hit hard by rocketing prices of gaz and fuel after the invasion of Ukraine by key gas producer Russia. Britain has vowed to become carbon net zero by 2050, but recently announced plans to drill for more North Sea fossil fuels as it seeks to secure energy independence and axe Russian imports. (Photo by Ben Stansall / AFP)

A photograph taken on April 30, 2022 shows the logo of the multinational oil and gas company Shell at a petrol station in Eltham, south east of London. - Britain has been hit hard by rocketing prices of gaz and fuel after the invasion of Ukraine by key gas producer Russia. Britain has vowed to become carbon net zero by 2050, but recently announced plans to drill for more North Sea fossil fuels as it seeks to secure energy independence and axe Russian imports. (Photo by Ben Stansall / AFP)

In a game-changing move for the Nigerian oil sector, Renaissance Africa Energy has reached a groundbreaking agreement with Shell to acquire its entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC).

Renaissance is a consortium consisting of ND Western Limited, Aradel Holdings Plc. the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group.

Shell, on it’s verified X (formerly known as Twitter) account, shared a post confirming the acquisition which is subject to approval by the Nigerian authorities.

This landmark acquisition marks a new chapter for both Renaissance and the Nigerian energy landscape, paving the way for exciting developments in the years to come.

Details later…
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