TOP STORY: NNPC takes over Addax Petroleum assets | TheCable
The development
over two months after Addax Petroleum Development Nigeria transferred four major oil mining leases to the national oil company, after exiting from the assets.Both parties signed a memorandum of understanding on the transfer, settlement, and exit agreement . With the agreement, Addax ceased to be the PSC contractor for the four oil mining leases 123, 124, 126 and 137.
In April 2021, the defunct department of petroleum resources revoked the four Addax licences over poor development of the assets but three weeks later, President Muhammadu Buhari restored the licences.
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