Renaissance to acquire Shell subsidiary

Petroleum Development Company of Nigeria Limited (SPDC) has agreed to sell its entire shareholding to onshore Renaissance.

Renaissance is a consortium consisting of ND Western Limited, Aradel Holdings Plc. the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group.

“We are pleased to announce the signing of a landmark transaction with Shell to acquire its entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC).

“This acquisition marks a significant milestone for Renaissance, establishing its strategic position in the Nigerian market. We are committed to ensuring a smooth transition and look forward to leveraging our expertise, in partnership with SPDC’s industry-leading staff and working in partnership with all the stakeholders in the SPDC-JV to drive continued growth and success in Nigeria and beyond,” it said.

The company said that completion of the transaction is subject to the requisite regulatory approvals.