To resolve the conflict over Oil Mining Leases 123/124 and 126/137, the Nigerian National Petroleum Company Limited and Addax Petroleum Company signed an asset transfer agreement on.
The lengthy battle over OMLs 123/124, 126/137, run by Addax Petroleum Nigeria Limited, has now been resolved.
NNPC and Ashland initially agreed to a Production Sharing Contract for the blocks in 1973; but, it was cancelled after 25 years. A Transfer, Settlement and Exit Agreement was created and signed as the result of all of this.
The contract, Mele Kyari, who was present virtually at the agreement signing in Abuja; will increase the output of crude oil from the properties.