Completion of sale of SPDC to Renaissance

On 13 March, 2025, Shell completed the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance. Completion followed approvals from the Federal Government of Nigeria. See the completion statement here and the announcement of the sale here.

Following completion of the sale, Renaissance now controls SPDC’s 30% stake in the SPDC JV, an unincorporated joint venture with the government-owned Nigerian National Petroleum Corporation (55%), Total Exploration and Production Nigeria Ltd (10%) and Agip Energy and Natural Resources (Nigeria) Limited (5%).

The divestment of SPDC aligned with Shell’s intent to simplify its presence in Nigeria through an exit of onshore oil production in the Niger Delta and a focus of future disciplined investment in its Deepwater and Integrated Gas positions.

SPDC, which has been renamed Renaissance Africa Energy Company (RAEC) and is no longer part of the Shell group of companies, continues to operate the joint venture on behalf of all the joint venture partners. Questions regarding operational matters and the future running of the business should be directed to RAEC.

Shell remains a long-term partner of Nigeria, supporting the country’s growing energy needs and export ambitions.

Shell’s other businesses in Nigeria, including the Shell Nigeria Exploration and Production Company Limited (SNEPCo), Shell Nigeria Gas Limited (SNG) and Shell’s 25.6% interest in Nigeria LNG Limited (NLNG), were outside the scope of this transaction.