TotalEnergies transfers Olo oilfield host community trust to Aradel Holdings

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has overseen the formal handover of the Olo Oilfield Host Community Development Trust (HCDT) from TotalEnergies to Aradel Holdings Plc.

This transition follows Aradel’s acquisition of the Olo/Olo West Marginal field within the former OML 58.

The trust is a key component of the Petroleum Industry Act (PIA), which mandates that operators dedicate 3% of their previous year’s operating expenditure to host community development.

To date, the Olo HCDT has successfully delivered over 100 infrastructure projects including water, electricity, and healthcare facilities benefiting more than 25,000 residents across the host communities.

TotalEnergies confirmed that all financial and operational obligations were fully met prior to the transfer date.

With the Commission’s regulatory consent, Aradel Holdings now assumes full responsibility for the trust, including the oversight of 40 ongoing community projects.