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Addax Petroleum Exits Nigeria, transfers Four Oil Blocks to NNPC Limited

Published

3 months ago

November 3, 2022

Editor

Addax Petroleum Development Company has resolved its protracted dispute with the Nigeria National Petroleum Limited and concluded transfer of its four Oil Mining Leases (OMLs) 123/124, 126/137 for much-needed investment and growth of the facilities.

With this agreement Addax has ceased to be the Production Sharing Contract ( PSC) contractor for the oil mining licenses

The NNPC Chief Finance Officer, Umar Ajiya signed the agreement on behalf of the company while the Managing Director of Addax Petroleum, Yonghong Chen, signed on behalf of his company.

Confirming the development, Addax stated that ” NNPC and Addax Petroleum Development ( Nigeria) on Tuesday Signed a Memorandum of Understanding ( MOU) on the Transfer, Settlement and Exit Agreement ( TSEA) for OML 123/124 and OML 126/137.

Mr Garba Muhammad, Chief Corporate Communications Officer, Nigerian National Petroleum Company Limited (NNPC Ltd) in a statement said the Production Sharing Contract (PSC) for the blocks was initially signed in 1973 between NNPC and Ashland.

Muhammad said the contract was terminated after 25 years but subsequently, NNPC signed another PSC with Addax in 1998 on the blocks and operated through Addax Petroleum for another 24yrs.

He said in 2021, issues around the revocation of the licences were reconsidered.

This, he said made the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) advise that the assets be returned to the Concessionaires (NNPC Limited) to ensure clean and amicable exit for Addax.

“On January, 25, NNPC Limited commenced formal engagements with Addax and NUPRC; followed by series of meetings to ensure a swift close-out of the exit discussions and formalities.

“These discussions eventually paved way for the preparation and signing of a Transfer, Settlement and Exit Agreement (TSEA),” he said.

In his remarks at the close-out and signing ceremony, the NNPC GCEO, Mele Kyari, charged the Transition Management Team to hit the ground running towards restoration and fulfilment of the promise of the Assets.

He promised that readjustment will be swift and efficient, in order to extract optimum value from the assets, and to deliver maximum value to shareholders.

Bala Wunti, Head of National Petroleum Investment Management Services ( NAPIMS) said ” this is the first time in the history of the hydrocarbon production journey that a PSC will be transferred to us in a prudent mannner”

He noted that in another two weeks, NNPC Limited will be able to bring back about 10,000 barrels of oil.

The event was attended by Chairman, NNPC Board, Sen. Margary Okadigbo, Group CEO, Mele Kyari, Executive VP, Upstream, NNPC, Adokiye Tombomieye, Habib Nuhu of Nigerian Upstream Petroleum Regulatory Commission while MD, Yonghong Chen led other top officials of Addax

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Naja’atu Mohammed Accuses Aisha Buhari of Being Part of Aso Rock Cabal

Published

6 hours ago

February 6, 2023

Eric

A former Director in the All Progressives Congress Presidential Campaign Council, Naja’atu Mohammed, has said that the First Lady, Aisha Buhari, is part of the cabals in Aso Rock.

This follows the statement made by the Governor of Kaduna State, Nasir El-Rufai, that some Aso Rock cabals were working to frustrate the victory of APC presidential candidate, Bola Tinubu, in the forthcoming elections.

She said this Monday morning while featuring on Arise TV Morning Show.

Mohammed said unlike El-Rufai, she was not afraid to mention names.

“Let me tell you one of the cabals is Aisha Buhari. Aisha that is talking is part of the cabals. We knew the cabals of the late Abba Kyari. When she started talking of the cabals, she didn’t have the guts to come and name names. For the first time in Nigeria, I started to mention names.

“She (Aisha) reinforced what El-Rufai said. El-Rufai said ‘the cabals in the villa’, she confirmed it. She is also part of the cabals. I am trained not to say the details. We are trained to leave names. You have to have the guts to give names,” she said.

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Supreme Court Affirms Lawan As Authentic APC Candidate for Yobe North

Published

7 hours ago

February 6, 2023

Eric

The Supreme Court has affirmed the Senate President, Ahmed Lawan, as the All Progressives Congress (APC) senatorial candidate for Yobe North in the forthcoming 2023 general election.

In a majority judgment delivered on Monday, the apex court allowed the appeal filed by the APC against Bashir Machina’s candidature.

Featured

Atiku Support Group Accuses Wike of Arresting Members in Rivers

Published

11 hours ago

February 6, 2023

Eric

The Atiku Support Organisation has alleged that about 30 of its members were arrested by armed policemen during a meeting in GRA, Port Harcourt, the Rivers State capital, on Sunday afternoon.

The National Publicity Secretary of ASO, Victor Moses, disclosed this in a statement he personally signed and issued on Sunday.

In the statement titled ‘Release our members wow, Atiku Support Organisation tells Gov Wike’, Moses said the meeting was part of preparations for the the Peoples Democratic Party presidential rally slated to hold on February 11.

He said some of those arrested were state and local government leaders of the organisation, alleging that the officers may have acted on the instructions of the state governor, Nyesom Wike.

The statement partly read, “Earlier today, Sunday, at about 2 pm, armed police officers in about six Toyota Hilux marked Intelligence Unit and acting on the instruction of the Rivers State Governor surrounded plot No 3 popularly called White House in Omerelu Street, by Salvation Ministries Headquarters, G.R.A., Port Harcourt, where state and local government leaders of the Atiku Support Organisation were holding meetings as part of the preparations for the Peoples Democratic Party presidential rally slated to be held on 11th February 2023.

“Realising the armed men were sent to stop the meeting, some members escaped through the fence, sustaining wounds caused by barbed wires.

“Over 30 of our members, state and LGA leaders, most of whom are women, were arrested and taken away in two white Hilux of the intelligence unit, while about four Hilux heavily armed with police have sealed up the meeting venue. The said No 3 Omerelu Street, GRA, is directly behind the Presidential Hotel, Port Harcourt.”

The statement added that none of the phone numbers of those allegedly arrested was connecting.

The group called on Governor Wike to release its members with immediate effect, adding that Wike must end “his do-or-die politics of bitterness and stop instigating violence in Rivers State against Atiku Abubakar’s supporters.”

The group also called on the Inspector-General of Police, Usman Baba, to order the release of its members and put a end to what it called “political rascality” in Rivers State, and “to avert Governor Wike’s instigated bloodbath in the state during the election,” adding that “Rivers people should and must be allowed to make their political choices freely.”

When contacted, the spokesman for the state police command, Grace Iringe-Koko, said she had not received such report.

Efforts to reach the state Commissioner of Police, Okon Effiong, proved abortive as he did not pick several calls
put across to his mobile telephone.

He had yet to respond to a text message sent to him as of the time of filing this report.

The Punch