The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has overseen the transfer of the OLO Oilfield Host Community Development Trust from TotalEnergies to Aradel Holdings. This event is considered a key milestone in the implementation of the Petroleum Industry Act, which aims to safeguard the interests of host communities during operator transitions in the oil and gas sector. The formal handover ceremony took place at the NUPRC headquarters in Abuja and included attendance from senior government officials, executives from both TotalEnergies and Aradel Holdings, and community representatives.

The establishment of the OLO Host Community Development Trust aligns with the provisions set out in the Petroleum Industry Act, which stresses the importance of community development in oil-producing areas. The transfer of settlor responsibilities highlights the commitment of the NUPRC to ensure continuity in community improvement initiatives, even as the operation of the Olo/Olo West marginal field changes hands. This transition is vital for maintaining stability and ongoing progress in the region's development efforts.

Officials believe that the handover will facilitate ongoing community engagement and support for development programs, thereby benefiting local populations who rely on the oil industry. The NUPRC's involvement underscores the regulatory body's role in enhancing the relationship between oil companies and the communities affected by their operations, aiming to foster sustainable development and economic growth.