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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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