Shell has completed the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance Africa Energy Company,…
The post Renaissance Finally Takes Over 18 Nigerian Oil Mining Leases (OMLs) first appeared on Africa’s premier report on the oil, gas and energy landscape.
Lagos, Nigeria – March 17, 2025 – In a significant shift for Nigeria’s oil and gas landscape, Shell has finalized the sale of its 30% stake in the Shell Petroleum Development Company of Nigeria Limited (SPDC) Joint Venture to Renaissance Africa Energy Company. The deal, first announced in January 2024, concluded on March 14, 2025, marking Shell’s exit from onshore oil production in the Niger Delta.
The acquisition grants Renaissance Africa Energy control over 18 Oil Mining Leases (OMLs), including OMLs 20 through 23, and 25 through 28, and 31 through 33, and 35, 36, 43, 45, 46, 74, 77 and 79. The SPDC Joint Venture also includes the Nigerian National Petroleum Corporation (NNPC) with a 55% stake, TOTAL Exploration and Production Nigeria Ltd (10%), and Agip Energy and Natural Resources (Nigeria) Limited (5%).
Renaissance Africa Energy is a consortium comprised of five companies: Nigerian exploration and production firms ND Western, Aradel Energy, First E&P, and Walter smith, alongside the international energy group, Petrolin.
This divestment reflects Shell’s strategic move to streamline its Nigerian operations, focusing on deepwater and integrated gas projects. The move comes amid a global energy transition and ongoing challenges in the Niger Delta region.
The acquisition by Renaissance Africa Energy, a blend of local expertise and international investment, signifies a new chapter for these vital Nigerian oil assets. Industry analysts are closely watching how this development will impact future production and the broader energy sector in Nigeria.
