Renaissance Africa Energy Company Limited, a local oil and gas consortium, says it has received ministerial consent to acquire Shell Petroleum Development Company (SPDC). The company announced the development in a statement on Wednesday.
In January, Shell said it agreed to sell its Nigerian onshore oil assets to Renaissance Africa for over $1.3 billion subject to regulatory approvals.
However, Renaissance said the deal has now been consented to by President Bola Tinubu, who doubles as the Minister of Petroleum Resources.
“Renaissance Africa Energy Company Limited is pleased to announce that the Minister of Petroleum Resources has granted his consent to the sale of The Shell Petroleum Development Company (SPDC) to Renaissance”.
“This approval marks a significant step forward from the announcement of the Sale and Purchase Agreements in January 2024.”
Renaissance is a consortium formed by ND Western, Aradel Energy, First Exploration & Production (E&P), Waltersmith, and Petrolin.