A local oil and gas consortium, Renaissance Africa Energy Company Limited, has announced that it has received ministerial approval to acquire the onshore assets of Shell Petroleum Development Company, valued at $2.4 billion.
In a press release published on Wednesday, the company Renaissance Africa Energy specified that authorization to buy Shell's assets had been granted to it by the Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri.
In January, Shell announced it had reached an agreement to sell its onshore oil assets in Nigeria to Renaissance Africa for more than $1.3 billion, subject to regulatory approvals.
The assets in question reportedly contain approximately 6.73 billion barrels of oil and condensate, as well as 56.27 trillion cubic feet of associated and non-associated gas.
Renaissance is a consortium comprised of ND Western, Aradel Energy, First Exploration & Production, Waltersmith and Petrolin.
According to the statement, the deal has now received presidential approval from Bola Tinubu, who also serves as Minister of Petroleum Resources.
“Renaissance Africa Energy Company Limited is pleased to announce that the Minister of Petroleum Resources has given consent to the sale of Shell Petroleum Development Company to Renaissance,” the statement said.
“This approval represents a significant milestone since the sale and purchase agreements were announced in January 2024.”
GIK/lb/Sf/te/APA
Business
