- Renaissance Africa Energy Holdings acquires Shell’s 30% stake in SPDC, marking a significant milestone for indigenous ownership.
- NAPE emphasised the importance of indigenous ownership for strengthening Nigeria’s energy sector, building local capacity, and driving economic diversification and energy security.
Renaissance Africa Energy Holdings has acquired Shell’s entire equity holding in Shell Petroleum Development Company (SPDC) of Nigeria. This acquisition includes a 30% stake in 18 Oil Mining Leases within the SPDC Joint Venture.
The Nigerian Association of Petroleum Explorationists (NAPE) has hailed this transaction as a clear sign of Nigeria’s growing capacity to manage large-scale oil and gas assets.
In a statement signed by NAPE president Mr. Johnbosco Uche and made available to PUNCH Online on Tuesday, NAPE highlighted the importance of indigenous ownership in strengthening Nigeria’s energy landscape.
PUNCH Online reported that Renaissance Africa Energy Holdings completed the landmark transaction with Shell, acquiring the entire equity holding in the Shell Petroleum Development Company of Nigeria.
Uche said, “The successful completion of this divestment is a testament to the maturity and capability of Nigerian companies to manage and operate large-scale oil and gas assets. It reinforces our long-standing advocacy for enhanced local content participation, which is critical for capacity development, energy security, and sustainable production growth.”
He added, “At NAPE, we have consistently championed policies and initiatives that drive responsible exploration and production to combat energy poverty and ensure economic stability for millions of Nigerians.”
According to Uche, the share sale transfers Shell’s 30 per cent stake in 18 Oil Mining Leases within the SPDC Joint Venture to indigenous ownership. This marks a new era for Nigeria’s upstream sector.
He added, “The acquisition by Renaissance marks a pivotal step in deepening local capacity-building, fostering indigenous technical expertise, and maximising in-country value retention. Additionally, it aligns with Nigeria’s strategic objective to optimise hydrocarbon resources while driving revenue generation and economic diversification.”
Uche concluded that the transaction signals a positive trajectory for Nigeria’s energy sector and reflects growing investor confidence.
“NAPE remains committed to fostering strategic collaboration among government, investors, and industry stakeholders to ensure a resilient, innovative, and sustainable energy sector that secures Nigeria’s long-term prosperity,” the statement read.