After fulfilling closing obligations, NNPC Limited (NNPCL) and Addax Petroleum Development (Nigeria) Limited have amicably terminated their 24-Year Production Sharing Contract Relationship.
Chief Corporate Communications Officer NNPCL, Mallam Garba Deen Muhammad broke the news in a statement in Abuja.
He said: “On January 31, 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 Addax Petroleum Development (Nigeria) Limited, all closing obligations have been concluded and the Assets have been transferred to the Concessionaire, NNPC Limited.
“Consequently, Mohammed said: “NNPC has taken necessary steps to take over the assets and oversee a clean, amicable and speedy exit for Addax Petroleum Limited, 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.