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 Addax
Transfer, Settlement, and Exit Agreement (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, all closing obligations have been
concluded and the Assets have been transferred to the Concessionaire, NNPC
Limited.
“Consequently, 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,” the statement partly read.
“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. NNPC Ltd said the much-needed investments will be
deployed to the Assets while prudently conducting petroleum activities and
creating value.
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