NUPRC Transfers Olo Oilfield Community Trust to Aradel

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) conducted a formal handover of the Olo Oilfield Host Community Development Trust to Aradel Hold, marking a significant milestone in implementing the Petroleum Industry Act. The transfer was completed during a ceremony at NUPRC headquarters in Abuja, attended by senior officials from the regulatory body and representatives from TotalEnergies and the Olo host community.

The trust, established under the Petroleum Industry Act, mandates oil operators to contribute three percent of their previous year's operational expenditure to support sustainable development in host communities from 2023 to 2025. This initiative will fund 100 projects, including water supply, electricity, road construction, education, and healthcare, directly benefiting 25,000 residents.

TotalEnergies, which previously operated the Olo Oilfield, confirmed that all obligations related to the trust transfer were met. NUPRC's Chief Executive, Oritsemeyiwa Eyesan, emphasized the importance of ongoing oversight to ensure compliance and benefit for host communities.