NNPC Takes Over Addax Petroleum Assets

 


By  Our Reporter


Following a Transfer, Settlement, and Exit Agreement (ATSEA), the Nigerian National Petroleum Company (NNPC) Limited has taken over the assets of Addax Petroleum Development (Nigeria) Limited.

This is coming three months after the execution of the ATSEA for the PSC Oil blocks, OMLs 123/124 & 126/137, operated by the company.

NNPC Chief Corporate Communications Officer, Garba Deen Muhammad, in a statement on Tuesday,  said all closing obligations have been concluded and the Assets have been transferred to the Concessionaire, NNPC Limited.

The statement said the NNPC 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.

He also said 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.”

NNPC Ltd also announced the appointment of the Transition Team lead, Sagiru Jajere. 

It said the much-needed investments will be deployed to the Assets while prudently conducting petroleum activities and creating value.

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