Renaissance Africa Energy Holdings has successfully finalized the acquisition of Shell Petroleum Development Company of Nigeria, following the completion of a sale and purchase agreement with Shell in January 2024 and the necessary regulatory approvals. The company has announced that SPDC will now operate under the name Renaissance Africa Energy Company Limited.
The consortium behind Renaissance Africa Energy Holdings comprises four Nigerian independent oil and gas companies and an international energy company, all with significant experience in the Niger Delta region. This acquisition marks a significant milestone for the consortium’s vision of becoming a leading oil and gas company in Africa, supporting energy security and industrialization sustainably.
The Managing Director/Chief Executive Officer of Renaissance expressed pride in completing the strategic acquisition and extended appreciation to the relevant government officials for their support. Shell’s decision to sell its stake in SPDC to Renaissance for $2.4 billion reflects its strategic shift towards offshore operations.