Renaissance takes over Shell’s Nigerian onshore business SPDC 

Shell has completed the sale of the Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance, as announced 16 January 2024.

Renaissance Africa Energy Company is a consortium comprising of four local operators — ND Western, Aradel Energy, First E&P and Waltersmith — and an international oil firm, Petrolin.

“The divestment of SPDC aligns with Shell’s intent to simplify its presence in Nigeria through an exit of onshore oil production in the Niger Delta and a focus of future disciplined investment in its Deepwater and Integrated Gas positions,” the oil major said on Thursday.

Renaissance now controls SPDC’s 30% stake in the SPDC JV, an unincorporated joint venture with the government-owned Nigerian National Petroleum Company (55%), Total Exploration and Production Nigeria Ltd (10%) and Agip Energy and Natural Resources (Nigeria) Limited (5%), according to a statement.

Shell said last year that following the completion of the deal, it would 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. 

The SPDC JV holds 15 oil mining leases for petroleum operations onshore and 3 for petroleum operations in shallow water in Nigeria.