Renaissance Africa Energy Company (Renaissance) has completed the $2.4 billion acquisition of the entire (100%) equity holding in the Shell Petroleum Development Company of Nigeria Limited (SPDC) following the receipt of all regulatory approvals, including ministerial approval in December 2024, required
for the transaction.
Renaissance is a consortium consisting of four Nigerian independent oil and gas companies: Aradel Holdings PLC; ND Western Limited; FIRST Exploration & Petroleum Development Company; and the Waltersmith Group, and an international energy company—Petrolin.
The divestment of Shell's SPDC sees Shell exit onshore oil production after almost 8 decades to focus on its Deepwater and Integrated Gas positions.
Renaissance will now control SPDC’s 30% stake in the SPDC JV, an unincorporated joint venture with the government-owned Nigerian National Petroleum Corporation (55%), Total Exploration and Production Nigeria Ltd (10%)** and Agip Energy and Natural Resources (Nigeria) Limited (5%).
The SPDC JV holds 15 oil mining leases for petroleum operations onshore and 3 for petroleum operations in shallow water in Nigeria and supplies a major portion of the feed gas to Nigeria LNG.
Following completion, Shell will retain a role in supporting the management of SPDC JV facilities that supply a major portion of the feed gas to Nigeria LNG (NLNG).
G. Elias advised Shell in connection with its the sale of SPDC
Banwo & Ighodalo advised the Renaissance Consortium in connection with its acquisition
PwC Nigeria acted as M&A / Financial and Tax Advisor on all aspects of the transaction.
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