Aradel pushes ahead with Shell asset purchase blocked by regulator

Aradel Holdings Plc, part of the consortium poised to acquire Shell’s onshore subsidiary in Nigeria, says it will continue to work with its partners on the deal after it was rejected by the regulator.

The company’s comments come two days after the Nigerian Upstream Petroleum Regulatory Commission said the Shell-Renaissance deal did “not scale the regulatory test” and more than a week after it was listed on the country’s stock exchange.

Shell had announced in January 2024 it had reached an agreement to sell its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited to Renaissance – a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group.

“Aradel Energy Limited, a subsidiary of Aradel Holdings is one of the five companies in the consortium. We will continue to work with our partners recognising that all such deals are subject to government approvals,” Aradel said in a statement on Wednesday, adding that it “remains committed and focused on delivering sustainable energy solutions through its operating entities and affiliates”.