Admin l Friday, April 23, 2021
ABUJA, Nigeria – President Muhammadu Buhari has restored four oil blocks, OML 123, 124, 126 & 127 to the Nigerian National Petroleum Corporation(NNPC).
Senior Special Assistant to the President on Media, Alhaji Garba Shehu who made the revelation said the development was in line with the administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment.
He said the NNPC is a production sharing contract with Addax Petroleum, a company wholly owned by government of the Peoples Republic of China.
“In line with the current administration’s commitment to the rule of law, fairness & enabling a stable business climate for investment, President
@MBuhari has approved the restoration of the leases on OMLs 123, 124, 126 & 137 to @NNPCgroup 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”.
According to him, the leases belonging to the Federation were revoked on March 30, 2021, adding that this development reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts.
The President, he said 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.
He said 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.
