Aradel Holdings Plc has announced that its wholly-owned subsidiary, Aradel Energy Limited, has entered into a definitive agreement to acquire an additional 40 percent equity interest in ND Western Limited from Petrolin Trading Ltd.

This was disclosed in a statement by the company’s Chief Financial Officer, Adegbola Adesina.

The move marks a major step in Aradel’s growth strategy within Nigeria’s upstream oil and gas sector. Currently, Aradel Energy holds 41.67 percent of ND Western. Upon completion of the transaction, its total shareholding will rise significantly, positioning the company as a stronger player in the country’s oil and gas value chain.

ND Western holds a 45 percent participating interest in Oil Mining Lease (OML) 34, a producing asset located in the Western Niger Delta. The field contains substantial crude oil and associated gas reserves that contribute both to Nigeria’s domestic energy supply and export market.

In addition, ND Western owns 50 percent of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company Limited, which operates the Renaissance Joint Venture—a key player in Nigeria’s energy production landscape.

Aradel stated that the completion of the transaction is subject to regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Competition and Consumer Protection Commission (FCCPC), and Ministerial Consent.

“Completion of the Transaction remains subject to necessary regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Competition and Consumer Protection Commission (FCCPC) and Ministerial Consent,” Adesina said.