Renaissance Africa Energy Holdings has acquired Shell Petroleum Development Company of Nigeria’s asset for $2.4 billion. This acquisition solidifies Renaissance’s position as a major player in Nigeria’s oil and gas sector
The acquired asset includes Shell’s 30% stake in Oil Mining Lease (OML) 18, located onshore in the eastern Niger Delta. OML 18 boasts estimated proven reserves of over 1 billion barrels of oil equivalent, making it a prolific oil and gas field.
This deal is expected to significantly increase Renaissance’s production capacity, positioning the company for long-term growth.
This acquisition has positive implications for Nigeria’s oil and gas industry, which has faced significant challenges in recent years. It showcases the attractiveness of Nigeria’s energy sector to international investors and highlights the country’s potential for growth.
To ensure a seamless transition, Renaissance will work closely with the Nigerian government, local communities, and other stakeholders. With its proven track record of delivering successful energy projects in Africa, Renaissance is well-positioned to unlock the full potential of the acquired asset.
SOURCE: Victorhand