₦airaland Forum

Aradel Holdings Plc, an indigenous energy company, through its subsidiary, Aradel Energy Limited, has signed a sale and purchase agreement to acquire the 100 per cent interest in the Olo and Olo West marginal fields from TotalEnergies EP Nigeria and the Nigerian National Petroleum Company Limited.

The Olo and Olo West Fields were formerly part of OML 58.

The acquisition was completed for a consideration of $16m plus $3.5m of deferred and conditional payments.

In a statement on Thursday, Aradel said the Petroleum Mining Lease (for Olo) and Petroleum Prospecting License (for Olo West) will be issued after the payment of relevant ministerial consent fees and completion of approved field development plans within designated timeframes.

“The addition of Olo and Olo West marginal fields to Aradel’s portfolio of assets is a significant inorganic growth milestone in furtherance of Aradel’s vision and long-term strategy to provide sustainable energy solutions that support economic growth,” [/b]Aradel’s Chief Executive Officer/Managing Director, Adegbite Falade, said.

Falade said the acquisition of the marginal fields is a major step in our journey of promoting energy security in Nigeria through organic and inorganic growth.

[b]“We want to commend the unwavering commitment of the Ministers of Petroleum Resources, and our regulator – the Nigerian Upstream Petroleum Regulatory Commission in supporting this acquisition, within the framework of the Petroleum Industry Act.

“We also want to commend the Nigerian National Petroleum Company Limited and TotalEnergies for their commitment to grow Nigeria’s oil and gas production, even from marginal fields,” the CEO stated.

Olo and Olo West Fields are located within former OML 58, in the Eastern Niger Delta, 80 kilometres northwest of Port Harcourt, Rivers State.

A marginal field is any field that has been discovered and has been left unattended for not less than 10 years, from the date of first discovery of such a field.

okosodo:
Tinubu have started buying the country

CyrusVI:
You have comprehension issues and your comment is laced with fears

Its a real tug of war.

Chibuikem,Try call your Sec School English Teacher to come read and explain this to you.

CyrusVI:
You have comprehension issues and your comment is laced with fears

Its a real tug of war.

Chibuikem,Try call your Sec School English Teacher to come read and explain this to you.

okosodo:
Tinubu have started buying the country

INVINCIBLECSP2:
Agbado urchinsons. Keep defending criminals
I don't blame you people. I blame my Niger Deltan politicians ass licking Tinubu. Selling oil feeds to themselves and cronies while SS get nothing.
I pray make this oil dry let everyone go his separate ways. Notheners are not the problem of this country. Greedy and tribalistic Yorubas are!!!
Without the backing of the aforementioned, northerners won't have the courage to do some certain things they do and get away with it all for selfish political gains
This is so sad 🙁🙁🙁

Ijaya123:
Tinubu is not the reason why you have comprehension inadequacies.

okosodo:
Tinubu have started buying the country

CyrusVI:
You have comprehension issues and your comment is laced with fears

Its a real tug of war.

Chibuikem,Try call your Sec School English Teacher to come read and explain this to you.

FreedomArmy:
Yoruba's are buying oil field in the Niger Delta. Ok o.

okosodo:
Tinubu have started buying the country

okosodo:
Tinubu have started buying the country

Morbeta11:
https://punchng.com/aradel-to-acquire-nnpc-totalenergies-oil-fields/

Mvnster:
Every mosquito when fly pass na tinubu according to obedefts.