Renaissance Africa Energy, a consortium of five companies based in Nigeria, and an international energy group, is pleased to announce the signing of a landmark transaction with Shell to acquire its entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC) for up to $2.4billion.
The company made this announcement on Tuesday. The acquisition marks a significant milestone for Renaissance. The development will bring an end to the British oil giant’s core operation in Nigeria years after its formation in 1979, as gathered by Daily Post.
“This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions.
“It is a significant moment for SPDC, whose people have built it into a high-quality business over many years. Now, after decades as a pioneer in Nigeria’s energy sector, SPDC will move to its next chapter under the ownership of an experienced, ambitious Nigerian-led consortium.
“Shell sees a bright future in Nigeria with a positive investment outlook for its energy sector. We will continue to support the country’s growing energy needs and export ambitions in areas aligned with our strategy.” Said Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director, while speaking on the company’s next line of action.
Renaissance has reiterated its commitment to ensuring a smooth transition, working with the SPDC’s industry-leading staff and partnering with all the stakeholders in the SPDC-JV to pursue continued growth and success in Nigeria and beyond.