Shell has completed the sale of its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance as part the $1.3 billion agreement announced early in 2024.
The divestment of SPDC aligns with Shell’s intent to simplify its presence in Nigeria through an exit of onshore oil production in the Niger Delta and a focus of future disciplined investment in its deepwater and integrated gas positions.
Renaissance now controls 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 (10%) and Agip Energy and Natural Resources (Nigeria) Limited (5%).
SPDC will be renamed to Renaissance Africa Energy Company Limited.
“We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be Africa’s leading oil and gas company, enabling energy security and industrialization in a sustainable manner,” said Tony Attah, Managing Director/CEO of Renaissance.