Nigeria’s president returned four oilfield licenses to Addax, an organization controlled by China’s Sinopec, his office said in a press release, overruling a previous revocation from the country’s petroleum regulator.
The reclamation of the fields approximately three weeks after the Department of Petroleum Resources cancelled them was meant to guarantee “obligation to law and order, reasonableness and empowering a steady business environment for speculation,” President Muhammadu Buhari’s office said in an articulation.
“This advancement reaffirms the responsibility of President Buhari to law and order and sacredness of agreements,” the assertion said. The assertion likewise said it would help Nigeria’s drawn out oil production.
It said the fields would get back to the first production dividing contracts among state oil organization NNPC and Addax.
Disavowing licenses for delivering fields is an uncommon move, made all the more so by the way that DPR re-granted the fields very quickly to different organizations, Kaztec Engineering Limited and Salvic Petroleum Resources Limited.
Of the resources being referred to, OML 123, OML 124, OML 126 and OML 137, three have delivering fields, as per Addax’s site.
DPR director Sarki Auwalu said at the time that Addax was not building up the resources adequately. Buhari coordinated NNPC to determine any of outstanding issues with Addax utilizing existing production sharing agreements.
