. To focus portfolio in Nigeria on deepwater, gas positions
By Stanley Onyeka, Lagos
London-based Shell yesterday announced the completion of the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance, as announced 16 January 2024
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.
A statement posted on the company’s website said: “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.”
With this completion, Renaissance now controls SPDC’s 30% stake in the SPDC JV, an unincorporated joint venture with the government-owned Nigerian National Petroleum Company (55%), Total Exploration and Production Nigeria Ltd (10%), and Agip Energy and Natural Resources (Nigeria) Limited (5%).
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.
