Renaissance completes acquisition of Shell JV stake in Nigeria

*Shell to focus on deepwater and integrated gas assets

CHIGOZIE AMADI

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

Shell in a statement noted that 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.

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

No significant impairments are expected as a result of completion of the transaction.

Renaissance is a consortium of five companies comprising four exploration and production companies – ND Western, Aradel Energy, First E&P, Waltersmith – based in Nigeria – and the international energy group, Petrolin.