Renaissance Africa Energy Company Limited has received approval from the Nigerian Ministry of Petroleum Resources for the acquisition of Shell Petroleum Development Company (SPDC).
This significant step brings Renaissance closer to finalising the $1.3 billion deal, which was initially announced in January 2024, according to The PUNCH.
The acquisition of SPDC marks a major milestone for Renaissance, solidifying its position as a leading player in Nigeria’s energy sector. The deal encompasses a portfolio of assets including oil and gas production fields, pipelines, and infrastructure.
Tony Okonedo, spokesperson for Renaissance Africa Energy Company Limited, expressed his enthusiasm about the development, stating, “This is a momentous achievement for Renaissance. We are committed to leveraging our expertise and resources to drive the growth of Nigeria’s energy industry and contribute to the nation’s economic development.”
