Shell divestment proves Nigeria’s ability to manage major oil assets – NAPE

The Nigerian Association of Petroleum Explorationists has stated that Renaissance Africa Energy Holdings’ acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria is a testament to Nigerian companies’ ability to manage and operate large-scale oil and gas assets.

In a statement signed by NAPE president,
Mr. Johnbosco Uche and made available to PUNCH Online on Tuesday, NAPE emphasised the importance of indigenous ownership in strengthening Nigeria’s energy landscape.

PUNCH Online reports that Renaissance Africa Energy Holdings successfully completed the landmark transaction between itself and Shell for the acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria.

“The successful completion of this divestment is a testament to the maturity and capability of Nigerian companies to manage and operate large-scale oil and gas assets.

“It reinforces our long-standing advocacy for enhanced local content participation, which is critical for capacity development, energy security, and sustainable production growth.

“At NAPE, we have consistently championed policies and initiatives that drive responsible exploration and production to combat energy poverty and ensure economic stability for millions of Nigerians,” Uche said

According to him, the landmark share sale deal transfers Shell’s 30 per cent stake in 18 Oil Mining Leases within the SPDC Joint Venture to indigenous ownership, marking a new era for Nigeria’s upstream sector.

He said, “The acquisition by Renaissance marks a pivotal step in deepening local capacity-building, fostering indigenous technical expertise, and maximising in-country value retention.

“Additionally, it aligns with Nigeria’s strategic objective to optimise hydrocarbon resources while driving revenue generation and economic diversification.”

Uche also said the transaction signals a positive trajectory for Nigeria’s energy sector and reflects growing investor confidence.

“NAPE remains committed to fostering strategic collaboration among government, investors, and industry stakeholders to ensure a resilient, innovative, and sustainable energy sector that secures Nigeria’s long-term prosperity,” the statement read.