Aradel Energy Resources, one of Nigeria’s leading integrated indigenous energy companies, has announced the acquisition of the Olo and Olo West marginal fields for a total consideration of $19.5 million.
This acquisition of Olo and Olo West Fields from TotalEnergies EP Nigeria and Nigerian National Petroleum Company Limited (NNPC) is expected to significantly boost Aradel’s production capacity and strengthen its position in the Nigerian oil and gas industry.
According to Aradel, 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,” the company said.
Read also: From oil to agriculture: How Nigeria can use petroleum revenues to boost food security
Adegbite Falade, chief executive officer and managing director at Aradel said the acquisition of Olo and Olo West Marginal Fields is a major step in our journey of promoting energy security in Nigeria through organic and inorganic growth.
“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 (PIA),” Falade said.
He added, “We also want to commend the NNPC and TotalEnergies for their commitment to grow Nigeria’s oil and gas production, even from marginal fields”.
About Olo and Olo West Fields
Olo and Olo West marginal fields are located within former OML 58, in the Eastern Niger Delta, 80 kilometres northwest of Port Harcourt, Rivers State.
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