In line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment, President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks.
The Senior Special Assistant to the President, (Media & Publicity), Garba Shehu in a statement on Friday said the leases belonging to the Corporation were revoked on March 30, 2021.
According to him, “This development reaffirms the commitment of Buhari to the rule of law and sanctity of contracts.
“While directing the Department of Petroleum Resources (DPR) to retract the letter of revocation of the leases, the President also directed NNPC to utilize contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.
“The restoration of the blocks to NNPC will boost the organisation’s portfolio, thereby making the Corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account,” the statement added.