TotalEnergies transfers OLO Trust responsibilities to Aradel Holdings
The Nigerian Upstream Petroleum Regulatory Commission has overseen the formal handover of the OLO Oilfield Host Community Development Trust from TotalEnergies to Aradel Holdings. The transfer is seen as a major step in ensuring host community interests are protected during operator transitions. Officials highlighted that the trust’s structure and ongoing community projects will continue without disruption. Representatives from both companies and the OLO host communities attended the ceremony to mark the completion of this transition.
TLDR
- The OLO Oilfield Host Community Development Trust has been formally transferred from TotalEnergies to Aradel Holdings under the supervision of the Nigerian Upstream Petroleum Regulatory Commission.
- The trust was established in line with the Petroleum Industry Act, requiring operators to contribute three per cent of their previous year’s operating expenditure to support host communities.
- Over 100 projects have been completed, with about 40 more ongoing, benefiting more than 25,000 residents across the host communities.
- TotalEnergies confirmed all obligations up to the transfer date were met, and Aradel Holdings has assumed full responsibility for the trust.
- Officials from both companies and the regulator emphasized the importance of continuity, transparency, and compliance with the Petroleum Industry Act to sustain community development.
