By Emeka Anaeto & Udeme Akpan
ENERGY
THE Federal government has revoked four Oil Mining Leases, OMLs belonging to Addax Petroleum Nigeria Limited citing inability to comply with work programme targets.
The OMLs are, 123, 124, 126 and 137, all operated by Addax Petroleum Development Company Limited, APDCL and Addax Petroleum Exploration Nigeria Limited, APENL.
According to DPR, the revocation and re-award have already been approved by President Muhammadu Buhari, who doubles as the Minister of Petroleum Resources.
The agency stated that the oil assets are now to be operated by Kaztec Engineering Limited/Salvic Petroleum Resources Limited (KEL/Salvic) Consortium, consisting of two indigenous companies with effect from March 23, 2021.
Article content
LAGOS Nigeria’s oil and gas regulator has revoked four licenses held by Addax Petroleum, it said in a statement on Wednesday, a highly unusual move for licenses with producing assets.
Department of Petroleum Resources director Sarki Auwalu said in a post on the DPR website that Addax was not developing the assets sufficiently.
We apologize, but this video has failed to load.
Try refreshing your browser, or Nigeria s oil regulator revokes four Addax field licenses Back to video
A DPR spokesman said the licenses had already been re-awarded to Kaztec Engineering Limited and Salvic Petroleum Resources Limited.
Nigeria takes Addax licences, hands them to Offor
Nigeria has revoked four licences held by Addax Petroleum and handed them to the operator s former contractor.
Addax Petroleum
Register here for the Energy Voice daily newsletter, bringing you key news and insight from across the global energy landscape.
Thank you for signing up to our newsletter.
Something went wrong - please try again later. Sign Up
Nigeria has revoked four licences held by Addax Petroleum and handed them to the operator’s former contractor.
Department of Petroleum Resources (DPR) head Sarki Auwalu disclosed the move during a roundtable with the Nigerian media. The agency cited This Day as reporting the development.
By Udeme Akpan
There are indications that the capacity utilisation of oil and gas dockyards in Nigeria has dropped to 15 per cent as a result of relatively low oil prices in the global oil market.
This appears to be very significant, when the over 60 per cent capacity utilisation of the dockyards in 2014 is considered.
The oil and gas dockyards, including Niger Dock, Dormanlong, Kaztec Engineering, were established at various times to provide fabrication and other services to oil and gas companies, thus conserving foreign exchange, building indigenous capacity as well as promoting technological advancement in the nation.
In an interview with Vanguard, Monday, Chairman, Petroleum Technology Association of Nigeria (PETAN), Mr. Nicholas Odinuwe, who confirmed the drop in capacity utilisation, said: “The capacity utilisation of the dockyards has dropped to about 15 per cent in the past few years, due mainly to low oil prices, drop in foreign exchange generation, review of contracts
EXPOSED: How Nigerian Government Awarded Four Oil Mining Leases To Minister's Cronies, Mamman Daura, After Revoking Addax's Operation saharareporters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from saharareporters.com Daily Mail and Mail on Sunday newspapers.