Renaissance completes acquisition of Shell Nigerian assets

Renaissance completes acquisition of Shell’s Nigerian assets

ABUJA, March 14, 2025 – Renaissance Africa Energy Holdings has completed its USD 2.4-billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC), Shell announced on Thursday.

The sale was initially approved in December 2024, which was previously blocked by regulator NUPRC due to concerns over Renaissance’s ability to take on Shell’s large onshore portfolio in Nigeria. These assets hold an estimated 6.73 billion barrels of oil and condensate and 1.59 bcm [56.2 bcf] of gas.

The sale specifically entails the transfer of SPDC’s 30% stake in the unincorporated SPDC joint venture. The joint venture also includes NNPC (55%), Total Exploration and Production Nigeria (10%) and Agip Energy and Natural Resources (5%). SPDC will now be rebranded as Renaissance Africa Energy Company.

Following the completed acquisition, Tony Attah, managing director and CEO of Renaissance, said, “The Renaissance vision is to be Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.”

Renaissance Africa Energy’s shareholders are all African energy companies: ND Western, Aradel Energy, Waltersmith, First E&P and Petrolin. The group has a collective asset base of more than USD 3 billion and currently produces around 100,000 bopd and operates two refineries.

The acquisition marks the end of nearly a century of Shell operations in Nigeria’s onshore oil and gasfields. However, in its announcement, the company noted that the move will simplify its presence in Nigeria and allow it to focus on the country’s deepwater and integrated gas.

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