In a game-changing move for the Nigerian oil sector, Renaissance Africa Energy has reached a groundbreaking agreement with Shell to acquire its entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC).
Renaissance is a consortium consisting of ND Western Limited, Aradel Holdings Plc. the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group.
Shell, on it’s verified X (formerly known as Twitter) account, shared a post confirming the acquisition which is subject to approval by the Nigerian authorities.
Shell has reached an agreement to sell its Nigerian onshore subsidiary, SPDC.
Completion of the transaction is subject to approvals by the Federal Government of Nigeria. More: https://t.co/zdwgieT7sm
— Shell (@Shell) January 16, 2024
This landmark acquisition marks a new chapter for both Renaissance and the Nigerian energy landscape, paving the way for exciting developments in the years to come.
Details later…
