By Ndubuisi Micheal Obineme
Renaissance Africa Energy has completed the “acquisition of the entire (100%)” equity holding in Shell Petroleum Development Company of Nigeria (SPDC).
Renaissance Africa Energy Holdings is a consortium consisting of four successful Nigerian independent oil and gas companies: ND Western Limited, Aradel Holdings Plc. FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group, each with considerable operations experience in the Niger Delta, and Petrolin, an international energy company with global trading experience and a pan African outlook.
In a statement obtained by The Energy Republic, the consortium has received all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited.
Speaking about the acquisition, Tony Attah, managing director and chief executive officer (CEO) of Renaissance Africa said, “We are extremely proud to have completed this strategic acquisition”.
“The Renaissance vision is to be “Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.
“We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act.
“We extend our appreciation to the Honourable Minister of Petroleum Resources, and the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as strategic accelerator for the country’s industrial development”.
According to the statement, Renaissance partner companies collectively have an asset base of more than $3 billion and currently safely produce approximately 100,000 barrels of oil per day (bpd) from 12 oil mining leases and operate two functioning modular refineries in Nigeria’s Niger Delta.
The company said it is prepared to leverage its core competencies, technology and experience, to lead the delivery of Nigeria’s aspiration for accelerated oil and gas reserves and production growth and to thrive beyond the energy transition.
Renaissance Africa also said it committed to taking its place as Africa’s leading oil and gas company, dedicated to fostering energy security, innovation, and sustainable development.