NAPE Applauds Completion of SPDC Divestment to Renaissance as Nigeria Advances Energy Security and National Growth

NAPE Applauds Completion of SPDC Divestment to Renaissance as Nigeria Advances Energy Security and National Growth

CHIGOZIE AMADI

The long-anticipated transition of onshore and shallow water offshore assets in Nigeria has reached a historic milestone with the completion of Shell Petroleum Development Company’s (SPDC) divestment to Renaissance Africa Energy Company Limited, a consortium of Nigerian oil and gas companies. This landmark share sale deal transfers Shell’s 30% stake in 18 Oil Mining Leases (OMLs) within the SPDC Joint Venture to indigenous ownership, marking a new era for Nigeria’s upstream sector.

Speaking on the significance of this milestone, Mr. Johnbosco Uche, President of the Nigerian Association of Petroleum Explorationists (NAPE), emphasized the importance of indigenous ownership in strengthening Nigeria’s energy landscape. In his remarks, “The successful completion of this divestment is a testament to the maturity and capability of Nigerian companies to manage and operate large-scale oil and gas assets. It reinforces our long-standing advocacy for enhanced local content participation, which is critical for capacity development, energy security, and sustainable production growth. At NAPE, we have consistently championed policies and initiatives that drive responsible exploration and production to combat energy poverty and ensure economic stability for millions of Nigerians.”

The acquisition by Renaissance marks a pivotal step in deepening local capacity-building, fostering indigenous technical expertise, and maximizing in-country value retention. Additionally, it aligns with Nigeria’s strategic objective to optimize hydrocarbon resources while driving revenue generation and economic diversification.

Mr. Uche further stated, “This transaction signals a positive trajectory for Nigeria’s energy sector and reflects growing investor confidence which underscores our collective commitment to positioning oil and gas as a catalyst for sustainable national development.”

NAPE remains committed to fostering strategic collaboration among government, investors, and industry stakeholders to ensure a resilient, innovative, and sustainable energy sector that secures Nigeria’s long-term prosperity.