Shell Plc has finalized the sale of Shell Petroleum Development Company of Nigeria Ltd to Renaissance, completing the deal announced in January. Renaissance now holds SPDC’s 30% stake in the SPDC JV alongside NNPC (55%), Total (10%), and Agip (5%).
The sale aligns with Shell’s plan to exit onshore oil production in the Niger Delta and focus on Deepwater and Integrated Gas investments. Renaissance, a consortium of ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin, has not disclosed financial details.Renaissance Africa Energy Holdings has completed the acquisition of Shell’s 100% stake in SPDC.
The $1.3 billion deal, announced in January 2024, initially faced regulatory delays but later secured government approval. SPDC will now be renamed Renaissance Africa Energy Company Limited. Renaissance comprises four Nigerian oil firms—ND Western, Aradel Holdings, FIRST E&P, Waltersmith—and international energy group Petrolin.Renaissance Africa CEO Tony Attah called the acquisition a proud milestone, aligning with the company’s vision for energy security and industrialization. He thanked the Federal Government, Petroleum Minister, NUPRC CEO, and NNPCL GCEO for their support in advancing Nigeria’s oil and gas development.
Renaissance partners hold over $3 billion in assets, producing 100,000 bpd from 12 oil leases and operating two modular refineries in Nigeria’s Niger Delta. The company aims to drive oil and gas growth while embracing sustainability and energy security.
