July 14, 2024
OIL NNPCL signs deal with Addax to takes over blocks
– By Godswill Odiong

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By Eyo Nsima
NNPC Limited has taken over Oil Mining Leases, OMLs 123/124 & 126/137, operated by Addax Petroleum Development (Nigeria) Limited.

In a statement obtained by The Daily, https://thedaily-ng.com, the Chief Corporate Communications Officer, Garba Deen Muhammad disclosed that the transfer was achieved three months after the execution of the Addax Transfer, Settlement, and Exit Agreement (ATSEA) for the PSC Oil blocks.

 

The company stated that it has “taken necessary steps to take over the assets and oversee a clean, amicable, and speedy exit for Addax Petroleum Ltd., operate the asset on interim basis as a first step and subsequently appoint a competent replacement PSC contractor while NNPC Limited continues to remain the Concessionaire of the assets in line with extant laws and regulations”.

It maintained that “exit negotiations and formalities have been concluded and NNPC Ltd. in collaboration with the Office of the Attorney General of the Federation, NUPRC, NMDPRA, FIRS, EFCC, and the FCCPC have agreed on the clean and amicable exit for Addax by resolving all the PSC contractual issues, including litigations that culminated in the execution of a Transfer, Settlement, and Exit Agreement (TSEA) on the 1st of November 2022.

“With the fulfillment of the closing obligations by the parties and effective January 31, 2023, Addax transfers the operatorship of OMLs 123/124 and 126/137 to Antan Producing Limited on interim basis through the transition period pending the emplacement of a substantive replacement PSC in compliance with the directive of Mr. President”.

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