Aradel Holdings Plc has announced that the acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria (SPDC) by Renaissance Africa Energy Holdings (Renaissance) has been completed following the signing of a sale and purchase agreement with Shell in January 2024, and the subsequent receipt of all regulatory approvals required for the transaction.
Renaissance is a consortium consisting of Aradel Holdings PLC and three other Nigerian independent oil and gas companies: ND Western Ltd, FIRST Exploration and Petroleum Development Company Ltd, and the Waltersmith Group, each with considerable operations experience in the Niger Delta, and Petrolin, an international energy company with global trading experience and a pan African outlook.
Aradel’s equity investment in Renaissance marks a significant step in the ongoing transformation journey of the company and demonstrates its commitment to asset diversification, and the creation of long-term value for its shareholders and stakeholders.
Adegbite Falade, MD/CEO of Aradel Holdings, commented on the completion of the acquisition, he said: “This is a landmark moment for Nigeria’s energy sector and heralds a new era for local participation. It highlights the vital role that indigenous energy companies play in Nigeria’s industrialisation and development. As the leading integrated indigenous energy company in Nigeria with a proven track record of 20 years, we remain dedicated to upholding global standards and maintaining operational excellence.
We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the GCEO of the Nigerian National Petroleum Company Ltd (NNPCL) for their foresight and belief in paving the way for the completion of this transaction. This will surely facilitate the rapid development of Nigeria’s vast oil and gas resources, further paving the way for the Country to achieve energy security and industrial development.”