SPDC, or Shell Petroleum Development Company of Nigeria Limited, has been renamed Renaissance Africa Energy Company Limited following 46 years of operation in Nigeria.
The development comes after Renaissance, a consortium of Nigerian oil firms, completed Shell’s acquisition in a $2.4 billion transaction.
Tony Okonedo, the company’s spokesperson, stated that SPDC will now be known as Renaissance Africa Energy Company.
Reacting to Shell’s complete acquisition, Renaissance’s Managing Director/CEO praised the Nigerian government for approving the acquisition.
“We are very proud to have completed this strategic acquisition.
The Renaissance aims to be Africa’s leading oil and gas company, promoting sustainable energy security and industrialization. The acquisition has been approved by the federal government under the Petroleum Industry Act.
