Renaissance completes acquisition of Shell Petroleum

Credit: NAN

Arabel Holdings has announced the successful closure of Renaissance Africa Energy Holdings’ acquisition of Shell’s full equity position in the Shell Petroleum Development Company of Nigeria (SPDC).

The company disclosed this in a corporate disclosure released through the Nigerian Exchange Ltd.

This follows the signing of a sale and purchase agreement with Shell in January 2024, and the subsequent receipt of all regulatory approvals required for the transaction.

Adegbite Falade, Chief Executive Officer of Aradel Holdings, said, “We are proud of Renaissance’s completion of this strategic acquisition and extremely grateful to the Federal Government for entrusting us with the opportunities and responsibilities that this historic acquisition presents.”

Falade said that Aradel’s equity investment in Renaissance marked a significant step in the ongoing transformation journey of the company.

He said the development also demonstrated its commitment to asset diversification and the creation of long-term value for its shareholders and stakeholders.

“This is a landmark moment for Nigeria’s energy sector and heralds a new era for local participation.

“It highlights the vital role that indigenous energy companies play in Nigeria’s industrialisation and development.

“As the leading integrated indigenous energy company in Nigeria with a proven track record of twenty years, we remain dedicated to upholding global standards and maintaining operational excellence.

“We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigerian Upstream Petroleum Regulatory Commission, and the GCEO of the Nigerian National Petroleum Company Ltd. for their foresight and belief in paving the way for the completion of this transaction.

“This will surely facilitate the rapid development of Nigeria’s vast oil and gas resources, further paving the way for the country to achieve energy security and industrial development,” he said.