Renaissance Africa Energy Company Consortium has received approval from the Ministry of Petroleum Resources for the acquisition of Shell 's Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC).
Renaissance is a consortium of five companies, comprising four Nigerian oil exploration and production companies and an international energy group, namely, ND Western Limited, Aradel Holdings PLC, First E&P, Waltersmith Petroman Oil Limited, and Petrolin Limited.
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This approval brings parties closer to finalising the $1.3 billion deal, which was initially in January 2024.
This transaction does not include Shell's three other main businesses in Nigeria; namely Shell Nigeria Exploration and Production Company Limited (SNEPCo), Shell Nigeria Gas, and Daystar Power Group. It also does not include the 25.6% interest in Nigeria LNG held by Shell Nigeria LNG.
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