Aradel Holdings Plc, part of the Renaissance Africa Energy Company Limited consortium, has completed the acquisition of Shell Petroleum Development Company of Nigeria Limited (SPDC). The $2.4 billion transaction includes the acquisition of SPDC’s entire shareholding and interests in various oil mining leases and associated infrastructure essential to Nigeria’s energy supply chain.
This acquisition marks a significant shift towards increased indigenous involvement in the country’s upstream oil sector, bolstering energy security and positioning Nigerian companies to manage vital oil and gas assets effectively. The consortium, which includes Aradel Holdings, ND Western Limited, FIRST Exploration and Petroleum Development Company Limited, Waltersmith Group, and Petrolin, views the completion of this transaction as a critical milestone in Nigeria’s oil and gas industry.
The acquisition supports Nigeria’s broader energy transition goals and aims to create opportunities for local talent while ensuring high standards of safety and environmental stewardship are maintained. This development is expected to contribute to Nigeria’s industrial growth and energy independence, emphasizing the critical role of local enterprises in the sector.
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