Renaissance Africa Energy Holdings has finalized the landmark $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC), marking a major shift in Nigeria’s energy landscape. Following the completion of the deal, SPDC will be rebranded as Renaissance Africa Energy Company Limited.
The acquisition marks the end of Shell’s nearly century-long operations in Nigeria’s onshore oil and gas sector. It also aligns with a broader trend of Western energy giants, including Exxon Mobil, Italy’s Eni, and Norway’s Equinor, scaling back their presence in the country.
Initially announced in January, the sale faced regulatory hurdles when the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) blocked the deal in October, citing concerns over Renaissance’s capacity to manage the assets. These assets include an estimated 6.73 billion barrels of oil and condensate and 56.27 trillion cubic feet of gas. However, in December, Shell received approval from Nigeria’s oil minister to proceed with selling its onshore and shallow-water assets. Speaking on Thursday, Renaissance Managing Director and CEO Tony Attah expressed pride in completing the acquisition.
“The Renaissance vision is to be Africa’s leading oil and gas company, enabling energy security and industrialization in a sustainable manner,” he stated. “We are pleased that the Federal Government has approved this milestone transaction, in line with the provisions of the Petroleum Industry Act.”
Attah also extended appreciation to key stakeholders, including the Minister of Petroleum Resources, the CEO of NUPRC, and the Group CEO of the Nigerian National Petroleum Company Limited (NNPCL), for their support in facilitating the transaction. He emphasized that the acquisition would accelerate Nigeria’s oil and gas development and drive industrial growth.
Renaissance’s consortium partners collectively hold assets valued at over $3 billion and currently produce approximately 100,000 barrels of oil per day across 12 oil mining leases. The group also operates two modular refineries in the Niger Delta, showcasing its commitment to energy innovation and value creation.
The Renaissance consortium comprises four leading Nigerian independent oil and gas firms—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, positioning Renaissance as a key player in Africa’s evolving energy sector.
