By Olaitan Ibrahim
Renaissance Africa Energy Company Limited said it has received an approval from the Nigerian Ministry of Petroleum Resources for the acquisition of Shell Petroleum Development Company (SPDC) $1.3 billion assets.
According to Renaissance, the acquisition of SPDC marks a major milestone towards it becoming a major player in Nigeria’s oil and gas industry.
In his statement, Tony Okonedo, spokesperson for Renaissance Africa Energy Company Limited, stated: “This is a momentous achievement for Renaissance. We are committed to leveraging our expertise and resources to drive the growth of Nigeria’s energy industry and contribute to the nation’s economic development.
“Renaissance Africa Energy Company Limited is pleased to announce that the Minister of Petroleum Resources has granted his consent to the sale of The Shell Petroleum Development Company (SPDC) to Renaissance.
“This approval marks a significant step forward from the announcement of the Sale and Purchase Agreements in January 2024.”
The Federal Government had approved four out of five divestment deals received from international oil companies for regulatory approval.
The approved deals included Mobil Producing Nigeria Unlimited divestment to Seplat Energy Offshore Limited divestment, Equinor Nigeria Energy Company Limited to Project Odinmin Investments Limited and TotalEnergies EP Nigeria Limited to Telema Energies Nigeria Limited, and the Nigerian Agip Oil Company Limited to Oando Petroleum and Natural Gas Company Limited.
However, in a recent interview with the Gambian-based African Association of Energy Journalists and Publishers, AJERAP, Olu Verheijen, Special Adviser to President Bola Tinubu on energy, expressed optimism that the issue would be resolved.
She said: “I am sure it will be resolved with the regulator in a way that addresses our own objectives to continue to accelerate exits for international oil companies.”