Petroleum Africa
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Tuesday, April 27, 2021
President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the NNPC Group, which is in production sharing contracts with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China, on the blocks.
The leases had been revoked on March 30 and the retraction came on Apr 23. A statement issued by presidential spokesman Bashir Ahmad said the reinstatement reflected a “commitment to the rule of law, fairness and enabling a stable business climate for investment.”
The presidential office also said it expects NNPC to use contractual provisions of the PSC to resolve issues with Addax, with the ultimate goal being to boost crude oil production from the OMLs.
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