The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has presided over the formal handover of the Olo Oilfield Host Community Development Trust (HCDT) from TotalEnergies to Aradel Holdings Plc, marking a significant milestone in the implementation of the Petroleum Industry Act (PIA).
The Olo HCDT was established in line with the PIA’s mandate requiring upstream operators to contribute three per cent of their previous year’s operating expenditure toward the development of host communities. The framework is designed to foster sustainable development, promote social stability, and strengthen relationships between oil companies and their host communities.
Between 2023 and 2025, the Trust has facilitated the completion of more than 100 community projects across water supply, electricity, road infrastructure, education, and healthcare. An additional 40 projects are currently ongoing. Collectively, these interventions have directly improved the lives of over 25,000 residents in the host communities.
TotalEnergies had previously operated the Olo/Olo West Marginal Field within the former OML 58 in the Eastern Niger Delta before the asset was acquired by Aradel Holdings Plc. Following the acquisition, the transfer of settlor responsibilities for the Olo HCDT from TotalEnergies to Aradel became a natural and legally required step under the PIA framework.
At the formal handover ceremony, TotalEnergies confirmed that all its obligations up to the effective date of transfer had been fully discharged, with no outstanding liabilities. Aradel Holdings Plc has now formally assumed full responsibility for the Trust, with regulatory consent granted by the Commission.
The NUPRC noted that the seamless transition underscores regulatory oversight and adherence to statutory provisions, reinforcing the Commission’s commitment to ensuring that host communities continue to benefit meaningfully from petroleum operations in their areas.
