A local oil and gas consortium, Renaissance Africa Energy Company Limited, says it has received the ministerial consent to acquire $2.4 billion onshore assets of Shell Petroleum Development Company.
The company said in a statement on Wednesday that the approval was given by the Minister of State for Petroleum Resources (Oil), Mr. Heineken Lokpobiri.
In January, Shell said it agreed to sell its Nigerian onshore oil assets to Renaissance Africa for over $1.3bn — subject to regulatory approvals.
The assets are said to hold an estimated 6.73 billion barrels of oil and condensate, along with 56.27 trillion cubic feet of associated and non-associated gas.
Renaissance is a consortium formed by ND Western, Aradel Energy, First Exploration & Production, Waltersmith, and Petrolin.
According to the statement, the deal has now been consented to by President Bola Tinubu, who doubles as the minister of petroleum resources.
“Renaissance Africa Energy Company Limited is pleased to announce that the Minister of Petroleum Resources has granted his consent to the sale of The Shell Petroleum Development Company to Renaissance,” the statement said.
“This approval marks a significant step forward from the announcement of the Sale and Purchase Agreements in January 2024.”
GIK/APA