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).
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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.
However, last December, Shell announced it had received approval from Nigeria’s oil minister for the sale of $2.4 billion in onshore and shallow-water assets to Renaissance Group.
On Thursday, Tony Attah, managing director and CEO of Renaissance, expressed pride in completing the strategic acquisition.
“The Renaissance vision is to be Africa’s leading oil and gas company, enabling energy security and industrialization in a sustainable manner,” he said. “We are pleased that the Federal Government has given the green light for this milestone acquisition, in line with the provisions of the Petroleum Industry Act.”
Attah also extended gratitude to key stakeholders, “including the Honourable Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the Group CEO of the Nigeria National Petroleum Company Limited (NNPCL)”.
He commended their foresight and support in facilitating the transaction, which is expected to accelerate the development of Nigeria’s oil and gas resources and drive industrial growth.
Renaissance’s partner companies collectively boast an asset base exceeding $3 billion and currently produce approximately 100,000 barrels of oil per day from 12 oil mining leases. The consortium also operates two modular refineries in the Niger Delta, underscoring its capacity to deliver value and innovation in the energy sector.
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The consortium behind Renaissance comprises four leading Nigerian independent oil and gas companies—ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group—alongside Petrolin, an international energy company with a strong global trading presence and a pan-African vision.
Together, these partners bring extensive operational expertise in the Niger Delta and a shared commitment to sustainable energy development.
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