Aradel Energy Secures 100% Acquisition of Nigerian National Petroleum Company Limited
In a significant development, Nigerian Indigenous oil company, Aradel Energy, has announced the completion of a 100 percent acquisition of Nigerian National Petroleum Company Limited and TotalEnergies Olo and Olo West Marginal Fields, formerly part of OML 58. The company disclosed this in a statement released on its official website, revealing that the acquisition deal was secured with a total consideration of $16 million, plus US$3.5 million of deferred and conditional payments.
According to Aradel Energy, 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.
This latest acquisition comes amid a wave of major divestment deals executed by International Oil Companies (IOCs) in Nigeria’s oil and gas sector. The development is significant, given the country’s growing desire to boost its local content and encourage indigenous participation in the industry.
In recent news, Oando Plc acquired a 100 percent shareholder interest in the Nigerian Agip Oil Company, NAOC from Eni at $783 million, a move that has further stirred up the debate on local content and ownership in the sector.
With this acquisition, Aradel Energy has solidified its position as a major player in Nigeria’s oil and gas sector, and the company’s future prospects look promising.
