EXCLUSIVE: Oil Minister Plots With Gbajabiamila, Others To Regain Four Oil Blocks Revoked By Buhari
SaharaReporters gathered that the latest plot is to try to pressurise Buhari to reverse his decision on the four OMLs the President had returned to Addax and the Nigerian National Petroleum Corporation.
by Saharareporters, New York
May 07, 2021
In a desperate move, the Minister of State for Petroleum Resources, Timipre Sylva, has consulted with the Speaker of the House of the Representatives, Femi Gbajabiamila to perfect his plot to ensure that four Oil Mining Leases, formerly operated by the Addax Petroleum Nigeria Limited, are diverted to his proxy firms.
Nseobong Okon-Ekong examines the seeming uncertainty surrounding the revocation, restoration of Addax/Sinopec OML License, and the report of the Committee set up by President Muhammadu Buhari on the issue
President Muhammadu Buhari had in March approved a decision to revoke the Oil Mining Licences of Addax Petroleum being managed by Sinopec and domicile same with the Nigerian National Petroleum Corporation (NNPC) for allocation to new operators.
The industry regulator, the Department of Petroleum Resources (DPR) announced the revocation of the Production Sharing Contract (PSC) of four Oil Mining Licences (OMLs) previously managed by the Chinese oil company Sinopec, and assigned the rights to an indigenous consortium.
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.”
ADDAX OML LICENSE IMPASSE: DPR’s action will boost government revenue – Group
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In the face of the seeming uncertainty surrounding the revocation, restoration of Addax OML License, and the report of the Committee set up by President Muhammadu Buhari on the issue, which indicted Addax for wasting millions of dollars, a Civil Society Organisation, Good Governance Advocates has commended the Directorate of Petroleum Resources (DPR) for taking concrete steps to boost the revenue accruing to the Government in underperforming assets.
In a statement signed by its National President, Kema Maxwell, it noted that in choosing a new operating consortium to manage the OMLs, DPR carefully opted for an operator that is familiar with the revoked assets, and saving the country a huge economic loss.
Vanguard News
Magnus Abe denies involvement in alleged $650m scam
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Magnus Abe
A member of Nigerian National Petroleum Corporation, NNPC, board, Senator Magnus Abe, Thursday, denied his alleged involvement in a $650 million oil contract scam, insisting that it only exists in the imagination of those interested in ripping Nigeria off.
Abe in a statement noted that the report was designed to create the impression of a major scandal and arm twist the Federal Government in the recent attempt to revoke some oil blocks from a foreign company, Addax Petroleum.
The Abe-led presidential inter-ministerial committee recently submitted a report to FG on the abandoned $1 billion Kaztec Engineering Limited (KEL) fabrication yard, located in Ilase village, Snake Island, Amuwo-Odofin LGA, Lagos State.