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Addax: As Buhari Restores Sanctity of Contractual Agreements

Ismaila Shittu
To build virile, sustainable national institutions, uphold due process in diverse arenas and grow the nation’s economy, the sanctity of contracts must be respected. This is the pathway through which Nigeria can be taken seriously by international investors the country cherishes, as well as by other nations.
An awareness of this necessity clearly must have informed President Muhammadu Buhari’s enlightened intervention to reverse the misapplication of authority and miscarriage of justice in the matter of needless revocation of oil leases operated by Addax Petroleum Exploration Nigeria Ltd.
Addax Petroleum was established in 1994 and since August 2009 has been a subsidiary of the Sinopec Group, one of the largest oil and gas producers in China, the biggest oil refiner in Asia and the third largest worldwide. ....

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Bowing to Chinese Pressure, Buhari Restores 4 Oil Blocks to NNPC/Addax

Deji Elumuye and Emmanuel Addeh in Abuja
President Muhammadu Buhari yesterday approved the restoration of the permits on Oil Mining Leases (OMLs) 123, 124, 126 and 137 to the Nigerian National Petroleum Corporation (NNPC) and, by extension, Addax Petroleum.
The Nigerian government, through the national oil company, had been in a Production Sharing Contract (PSC) with Addax Petroleum, a subsidiary of SINOPEC, the national oil company of People’s Republic of China, on these oil blocks.
PSC is a contractual arrangement for exploration and production of petroleum resources where the contractor undertakes all the financial, technical and operational risks associated with petroleum operation in return for a share of profit, after production cost, payment of royalty, and taxes. In this case, the assets are owned by the NNPC which brought in the contractor, Addax. ....

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Buhari orders revoked oil leases returned to China-owned Addax

Buhari orders revoked oil leases returned to China-owned Addax
The Nigerian government, through the DPR, had revoked the four OMLs, citing the company s inability to comply with targets.
Department of Petroleum Resources to restore four oil mining licences revoked from Addax Petroleum.
The was disclosed in a statement by the president’s aide, Garba Shehu, on Friday.
Addax, owned by the Chinese state-run Sinopec, has a production sharing contract with the Nigerian National Petroleum Cooperation.
The Nigerian government, through the DPR, had revoked the four OMLs, citing the company’s inability to comply with targets.
Two weeks ago, a committee set by Mr Buhari to investigate Addax submitted a report, accusing the petroleum company of “economic waste.” ....

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FG Evaluates Addax Petroleum's Assets

FG Evaluates Addax Petroleum's Assets
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DPR Set to Handover Addax Assets to New Owners, Sets Up Evaluation Panel

By Emmanuel Addeh
Following the federal government’s revocation of the Production Sharing Contracts (PSCs) on four assets belonging to Addax Petroleum Exploration Nigeria Limited (APENL), the Department of Petroleum Resources (DPR) has announced the kick-off of processes that will lead to the handing over of the facilities to new owners.
The oil and gas industry regulator stated Thursday that a committee has already been set up in preparation for the formal ceremony culminating in the takeover by the new operators, Kaztech/Slavic Consortium, after it was taken from the erstwhile owners.
A statement issued by the Head, Public Affairs of the agency, Mr. Paul Osu, said the committee was inaugurated in Abuja on Wednesday by the Director of the DPR, Mr. Sarki Auwalu. ....

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