- Renaissance Africa Energy Holdings has fully acquired the Shell Petroleum Development Company of Nigeria.
- According to Tony Attah, Managing Director/CEO, the goal of Renaissance Africa Energy Company Limited is to become Africa’s top producer of gas and oil while also assisting the continent in achieving energy security.
Renaissance Africa Energy Holdings, a group of foreign and Nigerian energy companies, has fully acquired the Shell Petroleum Development Company of Nigeria (SPDC).
Renaissance Africa Energy Company Limited is the company’s new name, according to a press release released on March 13 by Renaissance’s spokesperson, Tony Okonedo.
“Renaissance Africa Energy Holdings completed the landmark transaction and now holds the entire (100%) equity holding in the Shell Petroleum Development Company of Nigeria (SPDC).
“This follows the signing of a sale and purchase agreement with Shell in January 2024 and obtaining all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited,” the statement stated.
According to Tony Attah, Managing Director/CEO, the goal of Renaissance Africa Energy Company Limited is to become Africa’s top producer of gas and oil while also assisting the continent in achieving energy security.
He pledged the company’s adherence to the Petroleum Industry Act and thanked the federal government.
He noted, “We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be “Africa’s leading oil and gas company, sustainably enabling energy security and industrialisation.”
“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,” CEO Tony Attah said.
Attah credited the Nigerian National Petroleum Company Limited (NNPCL), the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and Nigeria’s Minister of Petroleum Resources for helping to make the deal possible.
He added, “We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the CEO 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 a strategic accelerator for the country’s industrial development.”