By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: NNPCL signs Transfer, Settlement and Exit Agreement with Addax Petroleum
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

NNPCL signs Transfer, Settlement and Exit Agreement with Addax Petroleum

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: November 1, 2022
Share
2 Min Read
SHARE

The Nigerian National Petroleum Company Ltd (NNPCL), has signed Transfer, Settlement and Exit Agreement with Addax Petroleum Company.

The NNPC Ltd Chief Finance Officer, signed the agreement on behalf of the NNPC, while the Addax MD signed for his company.

The Group Chief Executive Officer, Mallam Mele Kyari, attended the agreement signing virtually.

The Executive Vice President, Upstream, NNPC Limited, Adokiye Tombomieye; the Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services, Bala Wunti; the Chief Finance Officer of NNPC, Umar Ajiya; the Executive Commissioner, Development and Production, Nigerian Upstream Petroleum Regulatory Commission, Dr Habib Nuhu; and the Managing Director, Addax Petroleum, Yonghong Chen, attended the event physically.

- Advertisement -

Speaking during the agreement signing in Abuja on Tuesday, Kyari said the deal would boost the production of crude oil production from the assets for the benefit of Nigeria.

The Department of Petroleum Resources, which is now NUPRC, had on April 7 last year, revoked the four Oil Mining Licences belonging to Addax Petroleum.

The then Director/Chief Executive Officer, DPR, Sarki Auwalu, had said it discovered that over 50 per cent of the assets had remained underdeveloped, and had led to the loss of revenue by the Federal Government.

But a few days after the revocation by the DPR, President Muhammadu Buhari, reversed the revocation and gave approval for the restoration of the leases on the four Oil Mining Licences to the Nigerian National Petroleum Company Ltd

- Advertisement -

The oil licences affected are OMLs 123, 124, 126 and 137.

The President had also directed the then DPR to retract the letter of revocation of the leases.

He had also directed the NNPC to utilise the contractual provisions to resolve issues, in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Addax PetroleumNNPCL
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Kurfi Balele announces FG will award the winning “Super” Flamingos with a $10,000 prize
Next Article Elon Musk Elon Musk announces $8 monthly charge for verified Twitter accounts

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Police Blockade of PDP Secretariat Triggers Political Turmoil and Heated Reactions
Politics
APC Welcomes Kwankwaso Back to Collaborate with President Tinubu
Politics
Olubunmi Tunji-Ojo
FG Hails Success of E-Visa System, Processes Over 14,000 Applications in Six Weeks
News
Google Releases June 2025 Core Update
Tech
NELFUND
NELFund Warns Students Against Fake Loan Portal, Urges Caution Over Fraudulent Links
Education
- Advertisement -
Ad imageAd image

You May Also Like

International

Tinubu and Saint Lucia’s Prime Minister Agree to Establish Formal Diplomatic Relations

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
Ali Bukar Dalori
Politics

Ali Bukar Dalori Assumes Role as APC Acting National Chairman After Ganduje’s Resignation

Muhammad A. Aliyu
Muhammad A. Aliyu
June 30, 2025
MI Abaga
Celebrities

MI Abaga Expresses Regret Over Past Support for APC

Damilola A.
Damilola A.
June 30, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?