Nigerian Indigenous oil company, Aradel Energy has secured 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 recently.
It explained that the acquisition deal was secured with $16 million, plus US$3.5 million of deferred and conditional payments.
“The Acquisition was completed for a consideration of US$16 million, plus US$3.5 million 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 said.
The development comes amid major divestment deals executed by International Oil Companies in the country’s oil and gas sector.
This comes days after Oando Plc acquired a 100 percent shareholder interest in the Nigerian Agip Oil Company, NAOC from Eni at $783 million.
Aradel secures 100% acquisition of NNPCL, TotalEnergies marginal oil Fields for $19.5m
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