Interrogating the NNPC/Addax face-off over oil mining leases [opinion]
On
By Meifor Igwe
IN contemporary Nigerian business context, oil mining leases are like the gold fish that cannot be hidden. And that is why oil mining leases 123, 124, 126 and 137 made headline news 23 years ago and they are back in the media space creating waves once again. They hold huge potential for Nigeria and everyone and can, therefore, not remain idle!
It is a fact that in 1998, the Nigerian National Petroleum Corporation, NNPC, entered into a 20-year Production Sharing Contract, PSC, in respect of certain oil mining leases (OMLs) with Addax Petroleum, a company listed on the Toronto Stock Exchange, TSX. The PSC was subsequently extended for a further four years, until 2022. The assets were OMLs 123, 124, 126 and 137.
The Kaztec/Salvic consortium stated that the Department of Petroleum Resources (DPR) deserved to be commended for doing due diligence and following relevant laws in making them the choice operators of the assets.
Senator Magnus Abe
The lack of investment in the oil field granted to Addax is said to have caused a great loss to the economy, Director, Nigerian National Petroleum Corporation (NNPC), Senator Magnus Abe, has said.
Abe, who was reacting to an online story, said the Department of Petroleum Resources (DPR) was right in its recommendation of a revocation of the mining leases issued to Addax in the national interest.
In the said online story, entitled: “Petroleum Minister, cronies plot kangaroo NNPC report to divert $650 million oil contracts to themselves,” Abe, said the report, was “designed to create the impression of a major scandal and arm twist the Federal Government in the matter concerning the recent attempt to revoke some oil blocks from a foreign company.”
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Vanguard News
New operating consortium promises Nigeria better value from 4 oil assets
On
By Innocent Anaba
Kaztec Engineering Limited and Salvic Petroleum Resources consortium have promised to offer Nigeria better value in terms of increased revenue, local content boost, and more employment opportunity as they take over the operatorship of the Oil Mining Leases (OMLs) 123, 124, 126 and 137 previously operated by Addax Petroleum.
The new partners also disclosed that they have commenced engagement with Addax to ensure a smooth and amicable transition of operations at the assets.
The Kaztec/Salvic consortium said that the Department of Petroleum Resources, DPR, deserved to be commended for doing due diligence and following relevant laws in making them the choice operators of the assets.