Meet the five-firm consortium buying Shell’s Nigerian onshore subsidiary

Shell announced on Tuesday that it has agreed to sell its Nigerian onshore subsidiary The Shell Petroleum Development Company of Nigeria Limited to Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group.

The consortium, Renaissance Africa Energy Company Limited (RAEC), is a new entrant into the Nigerian oil and gas sector. Its members or shareholders are ND Western, Aradel Energy (formerly Niger Delta Exploration and Production Plc), First Exploration & Petroleum Development Company Limited, Waltersmith and Switzerland-based Petrolin.

It seeks to evolve into “a world-class energy powerhouse, unleashing the entirety of our growth potential through collaborative efforts”. It aims “to be the leader in delivering Nigeria’s ambition for oil and gas reserves and production growth”.

The Managing Director/Chief Executive Officer of RAEC is Mr Tony Attah, who retired from Shell in January 2022 after over 30 years with the energy giant. He is the immediate past MD/CEO of Nigeria LNG Limited, in which Shell is a shareholder. 

The Executive Vice President of RAEC is Mr Bayo Ojulari, a former MD of Shell Nigeria Exploration and Production Company who retired in June 2021 after over 30 years in Shell. 

The consortium is “on a mission to harness Africa’s abundant energy resources as a catalyst to development and advancement” with a vision to be “Africa’s leading energy company enabling energy security and industrialisation in a sustainable manner”, according to its website. It has a collective asset base value of over $3 billion, with 12 operational licences and two modular refineries. 

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