- Shell, confirming its exit from oil exploration in Nigeria, announced the sale on its verified X (formerly Twitter) account
Renaissance Africa Energy has entered a significant agreement with Shell, acquiring its complete shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC).
The consortium, comprising ND Western Limited, Aradel Holdings Plc, Petrolin Group, FIRST Exploration and Petroleum Development Company Limited, and Waltersmith Group, finalized the deal, subject to approval from Nigerian authorities.
Shell, confirming its exit from oil exploration in Nigeria, announced the sale on its verified X (formerly Twitter) account, stating that the $1.3 billion consideration, with an additional payment of up to $1.1 billion for prior receivables, is contingent on government and regulatory approvals.
The terms aim to maintain SPDC’s operational capabilities during the ownership transition, ensuring continuity and retaining the existing workforce. Shell plans to oversee SPDC JV facilities, emphasizing its commitment to supporting Nigeria’s energy needs.
“SPDC’s staff will continue to be employed by the company as it transitions to new ownership. Following completion, Shell will retain a role in supporting the management of SPDC JV facilities that supply a major portion of the feed gas to Nigeria LNG (NLNG), to help Nigeria achieve maximum value from NLNG,” it added.