Addax

The Nigerian National Petroleum Company Limited (NNPCL), on Tuesday, announced it has taken over assets owned by Addax Petroleum. The move followed the termination of the Production Sharing Contract (PSC) relationship between both organisations. The NNPCL in a tweet said:“After fulfilling closing obligations, @nnpclimited and Addax Petroleum Development (Nigeria) Ltd today amicably terminated their 24-Year Production Sharing Contract (PSC) relationship.” “GCEO @nnpclimited Mallam @MKKyari and Mr. Yonghong Chen…

The Nigerian National Petroleum Company (NNPC) Limited on Tuesday announced it has signed a settlement and exit agreement with Sinopec’s Addax Petroleum Development (Nigeria) to exit its four major oil mining blocks in the country. With this agreement, according to NNPC Limited, Addax has ceased to be the Production Sharing Contract (PSC) contractor for the Oil Mining Leases (OML) 123/124 and OMLs 126/137. The NNPCL Chief Finance Officer, Umar Ajiya, signed the agreement on behalf of the company, while the…