Business

Aradel Acquires $19.5m Marginal Oil Fields from NNPC, TotalEnergies

Aradel Holdings Plc has through its subsidiary, Aradel Energy Limited, 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 Limited and the Nigerian National Petroleum Company Limited (NNPC).

Aradel disclosed this in a statement it shared with THISDAY, on Thursday, saying the acquisition was completed for a consideration of $16 million, plus $3.5 million of deferred and conditional payments.

The Olo and Olo West marginal fields are located within former oil mining lease (OML) 58, in the Eastern Niger Delta, 80 kilometres northwest of Port Harcourt, Rivers State.

The Nigerian integrated energy company said the Petroleum Mining Lease (PML) for Olo and Petroleum Prospecting License (PPL) for Olo West would be issued after the payment of relevant ministerial consent fees and completion of approved Field Development Plans (FDPs) within designated timeframes.

According to the statement, the addition of Olo and Olo West Marginal fields to Aradel’s portfolio of assets is a significant inorganic growth milestone in furtherance of the company’s vision and long-term strategy to provide sustainable energy solutions that support economic growth.  

Commenting on the announcement, Aradel’s Chief Executive Officer and Managing Director, Mr. Adegbite Falade said: “The acquisition of Olo and Olo West Marginal Fields are 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 (NUPRC) in supporting this acquisition, within the framework of the Petroleum Industry Act (PIA). 

“We also want to commend the NNPCL and TotalEnergies for their commitment to grow Nigeria’s oil and gas production, even from marginal fields.”

Aradel operates through its subsidiaries and an affiliate company, Aradel Energy Limited (100 per cent), a wholly owned subsidiary of Aradel Holdings, as well as the Operator of the Ogbele and Omerelu Fields; Aradel Gas Limited (100 per cent), a wholly owned subsidiary established to pursue investment opportunities in the gas sector.

The group also has Aradel Investments Limited (100 per cent), also a wholly owned subsidiary established to hold and manage the group’s non-oil and gas assets; Aradel Refineries Limited (95 per cent), an independent operating midstream entity, underscoring its commitment to attaining energy independence in Nigeria.

Peter Uzoho

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    BAGS OF RICE
    BALES OF CLOTHES
    VEGITABLES OIL ETC. ALSO THE REPLACEMENT FROM IS OUT NOW,
    THOSE ARE THE VEHICLES LISTED BELOW WITH THEIR PRICEGolf2 #300,000
    Golf 3 #3500,000
    Golf4 #400, 000
    Golf 5 #420,000
    Dyna truck 900k
    Tipper head 6m
    Toyota Camry big daddy=#750,000
    Toyota Camry tiny light=#500,000
    Toyota Venza=#1.4million
    Toyota Matrix=#750,000
    Toyota Avalon=#930,000
    Toyota 4Runner=# 950,000
    Toyota Avensis=#900,000
    Toyota Corolla=#850,000
    Toyota Rav4=#1.1million
    IS250 1m
    Es330 1.6m
    Toyota Highlander=#1.3million
    Toyota Tacoma=#1.5million
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    Toyota Yaris=#750,000
    Toyota sienna=#850,000
    Toyota Hilux=#2.5million
    Toyota Tundra=#2.8million
    Spider 1m800k
    Muscle 1m900k
    Mercedes-Benz GLK ₦3.Million
    Benz ML550=2.6million
    Toyota Sequoia #900,000
    Toyota Haice Bus=#1,000,000
    Toyota Camry muscle=#850,000 Toyota picnic=#800,000
    Lexus RX300=#1.2million
    Lexus RX330=#1.4million
    Lexus RX350#=2.1million
    Lexus GX460=#2.4million
    Honda Accord EOD=#450,000
    Honda Baby boy=#500,000
    Honda Civic=#700,000
    Honda Pilot=#750,000
    Honda CR-V=#800,000
    Honda Crosstour=#1m950,000
    BMW X5=#1.2million
    BMW X6=#1.6million
    Infinity FX35 = #1.7million
    Infinity QX45=#1.2million
    Infinity QX4=#950,000
    Nissan Murano=#900,000
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    Nissan Maxima=#630,000
    Acura MDX=#1.2million
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    Acura ZDX=#1.3million
    Acura TL=#1 million
    Mercedes-Benz C-Class ₦1.3Million
    Mercedes-Benz E-Class ₦1.8Million
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