FG revokes 4 Addax Petroleum’s Operating Mining Leases –

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“Without natural capital accountability GDP growth is meaningless’
offshore oil rig

Re-awards assets to Kaztec Engineering

By Emeka Anaeto & Udeme Akpan    

ENERGY

THE Federal government has revoked four Oil Mining Leases, OMLs belonging to Addax Petroleum Nigeria Limited citing  inability to comply with work programme targets.

The OMLs are, 123, 124, 126 and 137, all operated by Addax Petroleum Development Company Limited, APDCL and Addax Petroleum Exploration Nigeria Limited, APENL.

According to DPR, the revocation and re-award  have  already been approved by President Muhammadu Buhari, who doubles as the Minister of Petroleum Resources.

The agency stated that the oil assets are now to be operated by Kaztec Engineering Limited/Salvic Petroleum Resources Limited (KEL/Salvic) Consortium, consisting of two indigenous companies with effect from March 23, 2021.

Explaining the rationale for the revocation while speaking to journalists in Lagos yesterday, DPR Director, Eng, Sarki Auwalu  said: “On issue of revocation of Addax Petroleum,…



Source: Vanguard Newspaper