The Renaissance Africa Energy has reached a groundbreaking agreement with Shell to acquire its entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC). Renaissance is a consortium consisting of ND Western Limited, Aradel Holdings Plc, the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group. Shell shared a post confirming the acquisition which is subject to approval by the Nigerian authorities.
Shell Petroleum Development Company of Nigeria Limited (SPDC) will get up to $2.4 billion from the transaction including an initial sum of $1.3 billion.