Nigeria’s President, Muhammadu Buhari has directed the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC), which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China. The leases belonging to the federation were revoked on March 30, 2021.
The Department of Petroleum Resources (DPR), had on March 31, 2021, revoked the 4 assets of Addax Petroleum Exploration Nigeria Limited, namely OMLs 123, 124, 126 and 137 due to the non-development of the assets by the company.
According to the President,the restoration is in line with the administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment.
The President also directed NNPC to utilise contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between the Corporation and Addax.
Senior Special Assistant to the President on Media and Publicity, Garba Shehu disclosed this in a series of tweets on Friday, April 23.
This development, Garba Shehu wrote, reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts.