The deal, finalized after securing all necessary regulatory approvals, concludes Shell’s nearly century-long presence in Nigeria’s onshore oil and gas sector. It also reflects a broader trend of Western energy companies, including Exxon Mobil, Eni, and Equinor, scaling back their operations in Nigeria.
The sale to Renaissance, which involves a consortium of five companies, was initially announced in January but faced a temporary setback in October when the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) blocked the transaction. The regulator cited concerns over Renaissance’s capacity to manage the assets, which include an estimated 6.73 billion barrels of oil and condensate and 56.27 trillion cubic feet of gas. However, in December, Shell confirmed it had received approval from Nigeria’s oil minister to proceed with the sale.
Tony Attah, Managing Director and CEO of Renaissance, expressed pride in completing the acquisition, stating, “The Renaissance vision is to be Africa’s leading oil and gas company, enabling energy security and industrialization in a sustainable manner. We are pleased that the Federal Government has given the green light for this milestone acquisition, in line with the provisions of the Petroleum Industry Act.”
Attah also thanked key stakeholders, including the Minister of Petroleum Resources, the CEO of NUPRC, and the Group CEO of the Nigeria National Petroleum Company Limited (NNPCL), for their support in facilitating the transaction. He emphasized that the acquisition would accelerate the development of Nigeria’s oil and gas resources and drive industrial growth.
Renaissance’s partner companies collectively hold an asset base exceeding $3 billion and currently produce approximately 100,000 barrels of oil per day from 12 oil mining leases. The consortium also operates two modular refineries in the Niger Delta, highlighting its capacity to deliver value and innovation in the energy sector.
The consortium comprises four leading Nigerian independent oil and gas companies—ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group—alongside Petrolin, an international energy company with a strong global trading presence and a pan-African vision. Together, these partners bring extensive operational expertise in the Niger Delta and a shared commitment to sustainable energy development.