• Saturday, June 15, 2024
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Aradel Holding confirms Shell acquisition deal

Aradel Holding confirms Shell acquisition deal

Aradel Holdings Plc, one of Nigeria’s major integrated indigenous energy Companies, listed on the NASD Exchange and the FMDQ, has confirmed its acquisition through Aradel Energy Limited of an equity interest in Shell Petroleum Development Company (SPDC) Limited, Nigeria.

According to the company in a statement seen by BusinessDay, this acquisition is premised on the signing of a landmark transaction between Renaissance Africa Energy Company Limited, and Shell International PLC to acquire its 100 percent shareholding in the SPDC.

The statement revealed that Renaissance is owned by ND Western Limited, Aradel Energy Limited, the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group, each with demonstrable and proven operational capabilities.

The statement read: “This acquisition marks a significant milestone for Aradel, which will bring enormous benefits to its shareholders, further strengthen its financial outlook and consolidate its strategic positioning in the Nigerian energy market.

“Aradel is committed to working in partnership with all the stakeholders in Renaissance and the SPDC Joint Venture to ensure a smooth transition and drive continued growth and success in Nigeria and beyond.”

Completion is subject to meeting conditions precedent, and approvals of the Federal Government of Nigeria.

Speaking on the acquisition, Adegbite Falade, Aradel’s managing director said “This successful acquisition represents a key step in our journey to becoming a leading energy Company in Africa and aligns with our long-term strategic growth plans.

“It also demonstrates our commitment to our “3R” Strategy of Resilience, Robustness, and Redundancy.”

Aradel Holdings Plc (formerly known as Niger Delta Exploration & Production Plc), is one of the leading energy companies in Nigeria with interests in multiple oil and gas assets.

The Company was incorporated on March 25, 1992 (as the Midas Drilling Fund), changed its name to Niger Delta Exploration and Production Plc in November 1996, and assumed its current name in May 2023.