Aradel Holdings PLC, leading indigenous integrated energy company, announced today that its wholly-owned subsidiary, Aradel Energy Limited, has successfully completed the acquisition of an additional 40% equity interest in ND Western Limited (“NDW”) from Petrolin Trading Ltd, following the fulfilment of all regulatory and contractual conditions precedent.
The transaction, initially announced on 24 October 2025, increases Aradel Energy Limited’s shareholding in NDW from 41.67% to 81.67%, making NDW a subsidiary of Aradel Energy Limited. As a result, Aradel’s aggregate indirect ownership in Renaissance Africa Energy Company Limited has also increased from 33.3% to 53.3%.
Established on 20 April 2011 as a Special Purpose Vehicle by a consortium that included Aradel Holdings, Petrolin Trading Ltd , FIRST Exploration & Petroleum Development OML 34 Limited, and Walter-Smith Exploration and Production Limited, NDW acquired its interest in Oil Mining Lease (OML) 34 through a landmark Sale and Purchase Agreement with the NNPC/Shell/Total/Agip Joint Venture, executed on 1 September 2012. The Nigerian National Petroleum Corporation (NNPC-NPDC) retains a 55% stake in OML 34.
NDW holds a 45% participating interest in OML 34, a key asset in the Western Niger Delta covering 950 square kilometres. The lease includes the producing fields of Utorogu, Ughelli East, and Ughelli West, with a combined crude oil production capacity of approximately 90,000 barrels per day and gas reserves of around 3 trillion cubic feet. Additionally, NDW owns 50% of the share capital of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company Limited, which operates the Renaissance Joint Venture.
Posts
.png)
