By Obiabin Onukwugha
The Nigerian Upstream Petroleum Regulatory Commission has presided over the formal handover of the Olo Oilfield Host Community Development Trust (HCDT) from TotalEnergies to Aradel Holdings, marking a milestone in the implementation of the PIA.
The Olo HCDT was established in line with the PIA’s mandate requiring operators to contribute 3% of their operating expenditure of the previous year toward host community development.
According to a statement from NURPC, between 2023 and 2025, the trust has enabled the completion of more than 100 community projects, spanning water supply, electricity, road infrastructure, education, and healthcare with a further 40 projects currently ongoing.
“Taken together, these initiatives have directly improved the lives of over 25,000 residents across the host communities,” the statement read.
It would be recalled that TotalEnergies previously operated the Olo/Olo West Marginal field within the former OML 58, in the Eastern Niger Delta until it was acquired by Aradel Holdings.
“The transfer of settlor responsibilities for the Olo HCDT from TotalEnergies to Aradel is therefore a natural and legally required step,” the NUPRC noted.
