The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has facilitated the official transfer of the OLO Oilfield Host Community Development Trust, which shifts responsibilities from TotalEnergies to Aradel Holdings. This transfer is considered a significant step towards the effective implementation of the Petroleum Industry Act, which aims to safeguard the interests of host communities during changes in oilfield operators. The transfer ceremony took place at the NUPRC headquarters in Abuja, attended by key figures from the regulator, both companies, and community representatives.

In a statement from Eniola Akinkuotu, NUPRC's Head of Media and Strategic Communication, the commission highlighted that this development is crucial for the uninterrupted continuation of community development initiatives despite the transition of the Olo/Olo West marginal field's operator. The trust was originally created to align with the Petroleum Industry Act's guidelines and to ensure that host communities benefit from the oil exploration and production activities in their vicinity.

This transfer not only reflects the regulatory framework established by the Petroleum Industry Act but also underscores the commitment to empower local communities, ensuring they receive adequate support and resources in relation to the oil operations impacting their environment. It sets a precedent for future transitions in the industry, indicating a focused approach towards enhancing corporate social responsibility and community engagement by oil companies in Nigeria.