Oilfield community trust responsibilities shift to Aradel Holdings
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has overseen the transfer of the OLO Oilfield Host Community Development Trust from TotalEnergies to Aradel Holdings. This move is seen as a significant step in implementing the Petroleum Industry Act and ensuring ongoing support for host communities during operator transitions. Over 25,000 residents have already benefitted from the trust, with more projects underway. Key officials from both companies and the regulator emphasized the importance of continuity, transparency, and community engagement.
Key takeaways
- NUPRC supervised the formal handover of the OLO Oilfield Host Community Development Trust from TotalEnergies to Aradel Holdings.
- The trust, established under the Petroleum Industry Act, requires operators to contribute three per cent of their previous year’s operating expenditure to community development.
- More than 100 projects have been completed, with about 40 additional projects ongoing, benefiting over 25,000 residents.
- TotalEnergies confirmed all obligations were met before the transfer, and Aradel Holdings has assumed full responsibility.
- Officials highlighted that the trust’s governance and funding structure remain intact, ensuring project continuity and regulatory oversight.
