BREAKING: NNPC takes over Addax Petroleum's PSC assets

The move followed the termination of the Production Sharing Contract (PSC) relationship between NNPC and Addax.

The Nigerian National Petroleum Company Limited , on Tuesday, announced it has taken over assets owned by Addax Petroleum.

The move followed the termination of the Production Sharing Contract relationship between both organisations.“After fulfilling closing obligations, @nnpclimited and Addax Petroleum Development Ltd today amicably terminated their 24-Year Production Sharing Contract relationship.” “GCEO @nnpclimited Mallam @MKKyari and Mr. Yonghong Chen signed the closing documents at the #NNPCTowers on behalf of the two parties, to symbolise the amicable termination of the relationship.”

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