Explorationists Laud SPDC Acquisition by Renaissance as 30% of 18 OMLs Move to Indigenous Owners

Peter Uzoho

The Nigerian Association of Petroleum Explorationists (NAPE) has applauded the completion of Shell Petroleum Development Company in Nigeria’s (SPDC) divestment to Renaissance Africa Energy Company Limited, saying it was significant in advancing the country’s economic growth and energy security.

In a statement issued yesterday, NAPE said the landmark share sale deal transferred Shell’s 30 per cent stake in 18 Oil Mining Leases (OMLs) within the SPDC Joint Venture to indigenous ownership, marking a new era for Nigeria’s upstream sector.

The association added that the long-anticipated transition of onshore and shallow water offshore assets in Nigeria has reached a historic milestone with the completion of SPDC divestment to Renaissance, a consortium of Nigerian oil and gas companies.

Speaking on the significance of the milestone, President of NAPE, Mr. Johnbosco Uche, emphasised the importance of indigenous ownership in strengthening Nigeria’s energy landscape.

“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,” he said.

Uche noted that the acquisition by Renaissance marked a pivotal step in deepening local capacity-building, fostering indigenous technical expertise and maximising in-country value retention.

Additionally, he said the acquisition aligns with Nigeria’s strategic objective to optimise hydrocarbon resources while driving revenue generation and economic diversification.

Uche further stated, “This transaction signals a positive trajectory for Nigeria’s energy sector and reflects growing investor confidence which underscores our collective commitment to positioning oil and gas as a catalyst for sustainable national development.”

According to the statement, 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.