ND Western has announced the completion of the acquisition of Shell Petroleum Development Company (SPDC) by Renaissance, a consortium comprising four leading Nigerian independent energy companies—ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, Waltersmith Group—and an international energy company, Petrolin Group.
The $2.4 billion landmark acquisition marks a significant milestone in Nigeria’s energy sector, reinforcing the capacity of indigenous companies to develop the country’s hydrocarbon resources sustainably.
With the acquisition, Renaissance is set to enhance Nigeria’s energy security, drive industrial and economic growth, create jobs, and boost local capacity development.
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Commenting on the acquisition, Lanre Kalejaiye, Chief Executive Officer of ND Western Limited, said: “This represents a defining moment for Nigeria’s oil and gas industry. As a partner in Renaissance Africa Energy Company, ND Western is committed to leveraging our technical and operational expertise and experience to sustain and grow production from the Renaissance assets. We look forward to working with our consortium partners to deliver sustainable energy solutions that will contribute to Nigeria’s economic prosperity.”
With the deal, Renaissance Africa Energy Company establishes its position as a key player in Nigeria’s upstream sector. The consortium comprises key industry leaders with an extensive record of operational expertise in exploration and production in the Nigerian energy sector.
