More facts have emerged on the completion of historic acquisition of pioneer oil and gas firm in Nigeria, Shell Petroleum Development Company (SPDC).
Platforms Africa has, in an exclusive story, earlier reported the re-christening of SPDC, a company established in 1979, after the Renaissance Africa Energy Company (RAEC) finalised the deal.
Chief Executive Officer of ND Western Limited, Mr. Lanre Kalejaiye told Platforms Africa in a statement at the weekend that that $2.4 billion “landmark acquisition marks a significant milestone in Nigeria’s energy sector.”
Kalejaiye’s Company, ND Western, is one of the companies in a consortium that bought the asset.
To Kalejaiye, the deal has reinforced “the capacity of indigenous companies to develop the nation’s hydrocarbon resources
sustainably.”
Confirming the development, the ND Western boss said that he “is pleased to announce completion of the successful acquisition of Shell PetroleumDevelopment Company (SPDC) by Renaissance Africa Energy Company (RAEC), a consortium comprising four leading Nigerian independent energy companies—ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, Waltersmith Group and an international energy company – Petrolin Group.”
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This $2.4 billion landmark acquisition, he continued; “represents a defining moment for Nigeria’s oil and gas industry.”
As a partner in Renaissance Africa Energy Company, ND Western, Kalejaiye added. “is committed to leveraging our technical
and operational expertise and experience to sustain and grow production from the RAEC assets.
“We look forward to working with our consortium partners to deliver sustainable energy solutions that will contribute to Nigeria’s economic prosperity.”
With this acquisition, Renaissance Africa Energy Company establishes its position as a key player in Nigeria’s upstream sector.
The consortium is made up of key industry leaders with an extensive record of operational expertise in exploration and production in the Nigerian energy
sector.
ND Western is one of Nigeria’s premier independent energy companies, with core expertise in oil and gas exploration and production. The company is focused on the sustainable development of energy to power the economies of Africa.
Platforms Africa