FIRST E&P and Consortium Partners Complete Landmark Acquisition of SPDC Lagos, Nigeria - March 14, 2025
FIRST Exploration & Petroleum Development Company Limited (FIRST E&P) is pleased to announce, as part of Renaissance Africa Energy Company Limited (Renaissance Consortium), the successful completion of the acquisition of The Shell Petroleum Development Company of Nigeria Limited (SPDC) from Shell, TotalEnergies, and ENI.
The Renaissance Consortium, made up of five leading Nigerian exploration and production companies - FIRST E&P, ND Western, Aradel Energy, Waltersmith, and Petrolin - has finalized this landmark $2.4 billion transaction, which represents a historic milestone in the evolution of Nigeria’s oil and gas industry.
This acquisition marks a pivotal step in deepening indigenous participation in Nigeria's upstream sector, enhancing energy security, and positioning Nigerian companies to play a greater role in the responsible management of key oil and gas assets.
FIRST E&P’s Managing Director, Ademola Adeyemi-Bero, stated:
“This acquisition underscores the capability and readiness of indigenous companies like FIRST E&P and our consortium partners to take on strategic assets and drive value creation for Nigeria and its people. We are proud to be part of this transformational journey and committed to upholding the highest standards of safety, environmental stewardship, and operational excellence.”
The transaction includes the acquisition of SPDC’s entire shareholding and interests in multiple oil mining leases (OMLs) and associated infrastructure critical to Nigeria’s energy supply chain.
Through this acquisition, FIRST E&P and its consortium partners are committed to delivering long-term value, creating opportunities for Nigerian talent, supporting host communities, and contributing meaningfully to Nigeria’s energy transition goals.
FIRST E&P acknowledges the collaborative efforts of all stakeholders, including the Nigerian government, regulators, financial partners, and advisors, who made this transaction possible.
For further information, please contact:
Media & Communications Team
FIRST E&P
Email: info@first-epdc.com
Website: www.first-epdc.com