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 — a landmark transaction that underscores how Nigeria’s landmark Petroleum Industry Act (PIA) is reshaping corporate responsibilities in the oil sector.
The ceremony, held at NUPRC headquarters in Abuja, brought together officials from the commission, TotalEnergies, Aradel Holdings, and representatives of the OLO host communities to complete the transfer of settlor responsibilities under the trust — ensuring that community development work continues without interruption following the change in field operator.
The OLO HCDT was established under the PIA’s mandate requiring operators to contribute three per cent of their previous year’s operating expenditure to host community development. Between 2023 and 2025, the trust has overseen the completion of more than 100 community projects spanning water supply, electricity, road infrastructure, education, and healthcare, with a further 40 projects currently underway. Collectively, these initiatives have directly improved the lives of over 25,000 residents across the host communities.
TotalEnergies confirmed that all obligations up to the date of transfer have been fully met with no outstanding liabilities. Aradel Holdings formally assumed full responsibility going forward, with regulatory consent granted by the NUPRC. Community Affairs Manager at Aradel, Blessyn Okpowo, pledged to honour all PIA obligations. “We want to work very smoothly with the way TotalEnergies has worked with them,” he said.
NUPRC’s Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, reaffirmed the commission’s commitment to firm oversight of such transitions to protect host community interests and ensure industry compliance with the PIA.
Source: thisdaylive.com