Renaissance Africa Energy Holdings has announced the successful completion of its landmark acquisition of Shell Petroleum Development Company of Nigeria (SPDC) for $2.4 billion.
The transaction, finalised after securing all necessary regulatory approvals, marks a significant milestone in Nigeria’s energy sector. SPDC will now be rebranded as Renaissance Africa Energy Company Limited.
The acquisitions also marked the end of Shell’s nearly century of operations in Nigerian onshore oil and gas and are part of a broader retreat by Western energy companies from Nigeria, including Exxon Mobil, Italy’s Eni, and Norway’s Equinor.
Shell’s sale to Renaissance, comprising five companies, was announced in January but was blocked in October by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The regulator had cited Renaissance’s inability to demonstrate its capacity to manage the assets, which hold an estimated 6.73 billion barrels of oil and condensate and 56.27 trillion cubic feet of gas.
Source: BUSINESSDAY
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