Renaissance Africa Energy Holdings Completes Landmark Acquisition of Shell's Nigerian Assets By Adakoriko Adaviriku Adumaza



Renaissance Africa Energy Holdings has announced the successful completion of its acquisition of Shell's entire 100% equity holding in the Shell Petroleum Development Company of Nigeria (SPDC). The acquisition follows the signing of a sale and purchase agreement in January 2024 and obtaining all necessary regulatory approvals.

The acquired entity will be renamed Renaissance Africa Energy Company Limited. Renaissance Africa Energy Holdings is a consortium of four Nigerian independent oil and gas companies and Petrolin, an international energy company.

According to Tony Attah, Managing Director/CEO of Renaissance, "We are proud to have completed this strategic acquisition, which aligns with our vision to be Africa's leading oil and gas company, enabling energy security and industrialization in a sustainable manner."

Renaissance has expressed its appreciation to the Federal Government, the Minister of Petroleum Resources, and the CEOs of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria National Petroleum Company Limited (NNPCL) for their support.

The Renaissance partner companies have an asset base of over $3 billion, producing approximately 100,000 barrels of oil per day from 12 oil mining leases, and operating two modular refineries in Nigeria's Niger Delta.

Renaissance is committed to leveraging its expertise, technology, and experience to drive Nigeria's oil and gas growth aspirations, foster energy security, innovation, and sustainable development, and emerge as Africa's leading oil and gas company.

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