₦airaland Forum

The Federal Government of Nigeria has reportedly approved the sale of onshore assets of the Shell Petroleum Development Company (SPDC) to Renaissance Africa Energy Company Limited, a local oil and gas consortium.

The approval was announced by Renaissance in a statement on Wednesday.

Renaissance stated in the statement that “this approval marks a significant step forward from the announcement of the sale and purchase agreements in January”.

The approval was reportedly given by the Minister of State for Petroleum Resources, Heineken Lokpobiri.

According to Africa Report, Shell’s $5bn investment in the Bonga North project was instrumental in persuading the government to approve the sale of the onshore asset which was initially agreed at $1.3bn.

Backstory

Nairametrics reported that the sale was blocked by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October, even though both SPDC and the Renaissance had reached an agreement in January.

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.

NUPRC’s CEO, Gbenga Komolafe said the commission rejected the deal because it “could not scale (the) regulatory test”

There are also concerns about numerous lawsuits and allegations hanging over Shell Nigeria over human rights abuses and environmental degradation in the Niger Delta region.

NUPRC said that it would only grant approval for the sale if Shell takes responsibility for oil spills and agrees to fund cleanup efforts in the Niger Delta.

Nairametrics reported that the sale was blocked by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October, even though both SPDC and the Renaissance had reached an agreement in January.

NUPRC’s CEO, Gbenga Komolafe said the commission rejected the deal because it “could not scale (the) regulatory test”

There are also concerns about numerous lawsuits and allegations hanging over Shell Nigeria over human rights abuses and environmental degradation in the Niger Delta region.

SalamRushdie:
Cough cough , who is the brain behind renaissance consortium?

femisplash:
A Consortium means an association of two or more companies.
Renaissance Group is a conglomerate of local oil companies including ND Western Ltd., Aradel Holdings Plc, Petrolin Group, FIRS Exploration and Petroleum Development Co. and Waltersmith Group.


Check the list closely, I know you are looking for OANDO but your eyes would need a lot of straining to do.

femisplash:
https://nairametrics.com/2024/12/18/fg-approves-sale-of-shells-2-4-billion-onshore-asset-to-renaissance/?amp=1
NUPRC’s CEO, Gbenga Komolafe said the commission rejected the deal because it “could not scale (the) regulatory test”

There are also concerns about numerous lawsuits and allegations hanging over Shell Nigeria over human rights abuses and environmental degradation in the Niger Delta region.

NUPRC said that it would only grant approval for the sale if Shell takes responsibility for oil spills and agrees to fund cleanup efforts in the Niger Delta.

femisplash:
A Consortium means an association of two or more companies.
Renaissance Group is a conglomerate of local oil companies including ND Western Ltd., Aradel Holdings Plc, Petrolin Group, FIRS Exploration and Petroleum Development Co. and Waltersmith Group.


Check the list closely, I know you are looking for OANDO but your eyes would need a lot of straining to do.

MarketDispatch:
Na Baba T get this one..... Renaissance hotel.....

SalamRushdie:
Cough cough , who is the brain behind renaissance consortium?

MarketDispatch:
Na Baba T get this one..... Renaissance hotel.....

FreeStuffsNG:
This was not how others got their approval.

Seplat and Oando's approval were announced by the regulator, NUPRC. Shell is playing political games again. Investors should be very careful.

The approval was reportedly given by the Minister of State for Petroleum Resources, Heineken Lokpobiri.

The approval was announced by Renaissance in a statement on Wednesday.

FreeStuffsNG:
Farotimi’s case will be a child's play by the time you type your way into criminal defamation

FreeStuffsNG:
Farotimi’s case will be a child's play by the time you type your way into criminal defamation

SalamRushdie:
We know what a consortium is ...thank God u know where I I headed but you and I know they will use another vehicle coy ..Aren't Adams Aradel is having a sudden boom under the new govt and I wonder why

femisplash:
A Consortium means an association of two or more companies.
Renaissance Group is a conglomerate of local oil companies including ND Western Ltd., Aradel Holdings Plc, Petrolin Group, FIRS Exploration and Petroleum Development Co. and Waltersmith Group.

Must tinubu use only oando....just like we know alpha beta and he ceased using it and used Remitta next...it's same way he will use a new firm


Check the list closely, I know you are looking for OANDO but your eyes would need a lot of straining to do.

bigpicture001:
.
Must tinubu use only oando....just like we know alpha beta and he ceased using it and used Remitta next...it's same way he will use a new firm

SalamRushdie:
Cough cough , who is the brain behind renaissance consortium?

ednut1:
What is the track record of the local operators that have bought shell assets in the last 10 years. I know two that have been ran to the ground 😩

SalamRushdie:
We know what a consortium is ...thank God u know where I I headed but you and I know they will use another vehicle coy ..Aren't Adams Aradel is having a sudden boom under the new govt and I wonder why

femisplash:
A Consortium means an association of two or more companies.
Renaissance Group is a conglomerate of local oil companies including ND Western Ltd., Aradel Holdings Plc, Petrolin Group, FIRS Exploration and Petroleum Development Co. and Waltersmith Group.


Check the list closely, I know you are looking for OANDO but your eyes would need a lot of straining to do.