Although the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has remained mum over the divestment of Shell Petroleum Development Company of Nigeria (SPDC), the Nigerian consortium acquiring the assets announced yesterday that the deal has been completed.

While the NUPRC had in October last year, publicly declined approval for the sale as criticism and a series of legal battles face acquisition, Renaissance Africa Energy Holdings, a consortium of Nigerian firms announced earlier this year that the deal received approval. But the regulator, unlike previous divestment remained silent over the deal.

In a release yesterday, Renaissance said it has completed and secured 100 per cent equity in the company’s onshore assets. The company said the transaction, initially announced in January 2024, has received all necessary regulatory approvals.

It noted that SPDC would now operate under the new name Renaissance Africa Energy Company Limited.

Renaissance Africa Energy Holdings is a consortium of four Nigerian independent oil and gas firms; ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, and Waltersmith Group, alongside Petrolin, an international energy company.

In the statement, Managing Director and CEO of Renaissance Africa Energy, Tony Attah, said the acquisition aligns with the company’s vision of driving energy security and industrialisation in Africa.

“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 industrialisation in a sustainable manner,” Attah said.

He also expressed appreciation to the Minister of Petroleum Resources, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian National Petroleum Company Limited (NNPCL) for facilitating the transaction in accordance with the Petroleum Industry Act (PIA).