FIRST Exploration and Petroleum Development Company Limited (FIRST E&P) is thrilled to announce its role as a member of the Renaissance consortium in the acquisition of The Shell Petroleum Development Company of Nigeria Limited (SPDC).
In a landmark transaction, the Renaissance consortium which consists of ND Western Limited, Aradel Holdings Plc., the Petrolin Group, FIRST E&P, and the Waltersmith Group, has successfully signed a landmark agreement with Shell to acquire its entire shareholding in SPDC. Completion of the transaction is subject to the requisite regulatory approvals.
This acquisition stands as a significant milestone for Renaissance, solidifying its strategic position in the Nigerian market. As with the entire consortium, FIRST E&P is committed to ensuring a smooth transition and looks forward to leveraging the consortium’s collective expertise, in partnership with SPDC’s industry-leading staff and working in partnership with all the stakeholders in the SPDC-JV to drive continued growth and success in Nigeria and beyond.
Speaking on the acquisition, FIRST E&P’s Managing Director, Ademola Adeyemi-Bero commented “This marks a momentous achievement for us at FIRST E&P, and we are excited about the strategic implications it holds for the energy landscape in Nigeria. Our collaboration as a member of this consortium is testament to the power of cooperation and shared commitment to excellence. We believe that this acquisition not only strengthens our position in the Nigerian market but also sets the stage for transformative growth and innovation in the country’s oil and gas sector.”
The company expresses gratitude to its partners, stakeholders, and regulatory bodies for their support throughout this process.
For Shell International Plc Press Release: Shell agrees to sell Nigerian onshore subsidiary, SPDC
Renaissance Africa Energy Company Limited website: www.raecafrica.com
For further information, please contact:
Head, Corporate Communications
About FIRST E&P
FIRST Exploration and Petroleum Development Company Limited (FIRST E&P) is a leading independent Exploration and Production company with delivery capacity across the upstream oil and gas value chain, including drilling, well completion, well testing, and production operations. Established in 2011, the company officially commenced operations on July 1, 2012, initially focused on the acquisition, exploration, and appraisal of the assets it acquired.
FIRST E&P achieved its first oil production from the Anyala field in OML 83 (a joint venture with NNPC) on October 21, 2020, and the JV recorded its first export lifting on January 10, 2021. The company currently produces over 40,000 bbl/d from this field and remains focused on growing its daily production to 60,000 bbl/d.
With the vision of establishing itself as the most admired independent exploration and production company contributing to the well-being of Nigerians, FIRST E&P aims to set up a shallow offshore-based midstream gas business and that will be fully operational by 2025.