TotalEnergies Transfers Olo Trust to Aradel for Community Development

TotalEnergies has formally handed over the Olo Trust to Aradel, a significant milestone in the implementation of the Petroleum Industry Act aimed at protecting the interests of host communities during operations. The ceremony took place at the headquarters of the Nigerian Upstream Petroleum Regulatory Commission (NUPrC) in Abuja, attended by senior officials from the regulatory body and representatives from TotalEnergies and the Olo host community.

The transfer of the trust is expected to ensure the continuation of community development programs despite operational changes in the Olo West Margin Field. The Olo Host Community Development Trust, established under the Petroleum Industry Act, mandates oil companies to contribute three percent of their previous year's operational expenditure to support sustainable development in host communities from 2023 to 2025.

The trust will fund 100 projects, including water supply, electricity, road construction, education, and healthcare, benefiting approximately 25,000 residents. The transition was confirmed to be seamless, with Aradel assuming full responsibility and ensuring compliance with statutory obligations.