Shell’s $2.4bn asset acquisition significant milestone

The recent acquisition of Shell Petroleum Development Company’s (SPDC) assets in Nigeria by Renaissance Africa Energy Company has been hailed as a historic milestone and a turning point for the nation’s energy industry.

Renaissance Africa Energy Company is a consortium comprising ND Western, Aradel Holdings Plc, First Exploration and Petroleum Development Company Limited, Waltersmith Group, and international energy firm, Petrolin Group.

Reacting to the $2.4 billion deal, the Chief Executive Officer of ND Western Limited, Lanre Kalejaiye, described the transaction as a pivotal development in Nigeria’s oil and gas sector.

In a statement issued yesterday, Kalejaiye reaffirmed ND Western’s commitment to utilising its technical expertise to sustain sectoral growth.

“This marks a significant moment for Nigeria’s energy industry. As a stakeholder in Renaissance Africa Energy Company, ND Western is dedicated to applying our technical and operational knowledge to maintain and expand production from the acquired assets.

We eagerly anticipate working alongside our consortium partners to provide sustainable energy solutions that will support Nigeria’s economic advancement,” he stated.

Kalejaiye further stressed that the landmark acquisition demonstrates the capability of indigenous companies to drive the sustainable development of Nigeria’s hydrocarbon resources.

He added that Renaissance’s entry into the market would bolster energy security, foster industrial and economic growth, create employment opportunities, and enhance local capacity development.

Additionally, he asserted that the acquisition positions Renaissance Africa Energy Company as a key force in Nigeria’s upstream sector, reinforcing its role in shaping the country’s energy landscape.