Renaissance Africa Energy Holdings says it has successfully completed the landmark transaction between itself and Shell for the acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria. This follows the signing of a sale and purchase agreement with Shell in January 2024 and obtaining all regulatory approvals required for the transaction. A statement on Thursday disclosed that SPDC will now be renamed as Renaissance Africa Energy Company Limited. Renaissance Africa Energy Holdings is a consortium consisting of four successful Nigerian independent oil and gas companies: ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, 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. “We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner. “We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act. “We extend our appreciation to the Minister of Petroleum Resources, and the CEO of the Nigeria Upstream Petroleum Regulatory Commission, and the GCEO of Nigeria National Petroleum Company Limited for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as strategic accelerator for the country’s industrial development,” said the Managing Director/Chief Executive Officer of Renaissance, Tony Attah. Shell sold its stake in SPDC to Renaissance at $2.4bn as the company decided to move offshore.