Aradel is buying TotalEnergies and NNPC's oil fields.

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

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

Aradel’s Chief Executive Officer/Managing Director, Adegbite Falade, praised the acquisition as a significant inorganic growth milestone in furthering Aradel’s vision and long-term strategy to provide sustainable energy solutions that support economic growth.

The acquisition is a major step in Aradel’s journey of promoting energy security in Nigeria through organic and inorganic growth. The Olo and Olo West Fields are located within former OML 58 in the Eastern Niger Delta, 80 kilometres northwest of Port Harcourt, Rivers State. Read More