Renaissance Africa Energy Holdings has finalized its acquisition of Shell Petroleum Development Company of Nigeria, marking a significant shift in Nigeria’s oil and gas sector. This transaction, valued at $2.4 billion, concludes Shell’s nearly century-long onshore operations in the country.
This comes after the sale and purchase agreement with Shell in January 2024 and the completion of all required regulatory approvals.
A statement on Thursday announced that SPDC will be renamed Renaissance Africa Energy Company Limited.