Shell Finally Exits Nigeria’s Onshore Oil And Gas Sector, Another Firm Acquires Its Assets
by by Pascal Oparada · Legit.ng News · Join- The Renaissance Group has announced the acquisition of Shell Petroleum Development Company (SPDC) assets for $2.4 billion
- The deal marks the end of Shell’s operations in Nigeria’s onshore oil and gas sector after almost 100 years
- The deal will see Renaissance control Shell’s massive assets, including 6.73 billion barrels of oil and condensates and 56.27 trillion cubic feet of gas
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Renaissance Africa Energy Holdings has announced that it has successfully completed its acquisition of Shell Petroleum Development Company (SPDC) onshore assets for $2.4 billion.
The transaction will now see Shell rebranded as Renaissance Africa Energy Company Limited.
Shell leaves Nigeria after 100 years
The acquisition marks the end of Shell’s almost 100 years of operations in Nigeria’s onshore oil and gas and is part of a larger exit by foreign energy firms from Nigeria, including Exxon Mobil, Eni, and Equinor.
Shell’s sale to Renaissance, which comprises five companies, was disclosed in January.
However, the deal was blocked in October last year by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
NUPRC cited Renaissance's lack of capacity to manage Shell’s massive assets, including 6.73 billion barrels of oil and condensates and 56.27 trillion cubic feet of gas.
Renaissance's rough journey to Shell assets acquisition
Last December, Shell said it received approval from Nigeria’s minister of state for petroleum resources (Oil), Heineken Lokpobiri, for the $2.4 billion sale of onshore and shallow-water assets to the group.
BusinessDay reports that on Thursday, March 13, 2025, Tony Attah, managing director and CEO of Renaissance, disclosed the acquisition’s completion.
According to Attah, the vision is to be Africa’s top oil and gas firm, powering energy security and industrialisation.
He expressed joy after the Nigerian government greenlighted the acquisition in line with the Petroleum Industry Act (PIA).
The Renaissance boss thanked the stakeholders, including the regulators, for allowing the milestone acquisition.
Companies in the Renaissance consortium
According to reports, Renaissance’s partner firms boast an asset base exceeding $3 billion and produce about 100,000 barrels of crude daily from 12 OMLs.
The consortium also operates two modular refineries in the Niger Delta, giving credence to its capacity to add value and innovation in the oil sector.
The consortium behind Renaissance includes four leading Nigerian independent oil and gas firms: ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group.
Another company in the consortium is Petrolin, an international energy firm with a robust global trading footprint.
These partners bring operational experience in the Niger Delta and a shared commitment to sustainable energy development.
More multinational oil firms leave Nigeria
Shell’s exit from Nigeria’s onshore exploration follows other oil majors, which have left the country, citing a hostile environment and agitation by host communities.
Experts say other issues prompting the exit of IOCs from Nigeria are ageing infrastructure, especially oil pipelines, which have become targets of oil thieves and vandals.
Recently, Eni and the Côte d'Ivoire Ministry of Mines, Oil, and Energy inked agreements in Abidjan to purchase four new offshore exploration blocks.
This comes after the Italian multinational oil company completed the sale of its Nigerian onshore oil and gas exploration and production unit in August 2024 for around $800 million.
The deal included the Brass River Oil Terminal, the Kwale-Okpai power plants, 12 production stations, three gas processing facilities, and 40 oil and gas fields.
The transaction was a component of Eni's plan to sell off non-strategic assets to streamline its upstream operations.
ExxonMobil breaks silence on plan to leave Nigeria
Legit.ng earlier reported that Shane Harris, ExxonMobil Nigeria MD, clarified that the company iwas not exiting Nigeria, contrary to some reports.
Harris reportedly made this statement during a meeting with Senator Heineken Lokpobiri, the minister of state for petroleum resources (Oil), in Abuja.
The company's response followed reactions trailing its planned divestment of its entire stake in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited.
Proofreading by Nkem Ikeke, copy editor at Legit.ng.