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Buhari okays ownership of OML 123, others restored to NNPC

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Buhari okays ownership of OML 123, others restored to NNPC

By Johnbosco Agbakwuru

President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126, and 137 to the Nigeria National Petroleum Corporation (NNPC).

This was contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu in Abuja, Friday.

The statement explained that the action was in line with the current administration’s “commitment to the rule of law, fairness and enabling a stable business climate for investment.”

It explained that the leases were in a production sharing contract with Addax Petroleum, a company wholly owned by the Government of the People’s Republic of China on the blocks, recalling that the leases belonging to the federation were revoked on March 30, 2021.

READ ALSO: NNPC pledges to work with stakeholders to ensure sanity in downstream sector

The statement added: “This development reaffirms the commitment of President 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.

According to the statement, the restoration of the blocks to NNPC will boost the organisation’s portfolio, thereby making the Corporation, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account.

Vanguard News Nigeria

The post Buhari okays ownership of OML 123, others restored to NNPC appeared first on Vanguard News.

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