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By Perry Okolugbo
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.
Under the PSC, Addax fully funded and operated the development of the OMLs, with profit shared between Addax and NNPC. From 1998 until 2009, Addax increased production in these OMLs to about 130,000 bpd. In 2009, Sinopec (a Chinese state-owned company) purchased Addax Petroleum. As a result, Sinopec obtained the rights to these assets.
ChinaNigeriaTorontoOntarioCanadaNigerianNigeriansPerry-okolugboKaztec-engineeringDepartment-of-petroleum-resourcesSalvic-petroleum-resourcesAddax-petroleumAddax: Senator Magnus Abe goofed
Senator Magnus Abe
Wed Apr 28 2021
By curiously questioning the wisdom of President Muhammadu Buhari, who is also the substantive Minister of Petroleum Resources, in cancelling the revocation by the Department of Petroleum Resources (DPR) of four oil mining leases belonging to Addax Petroleum Exploration Nigeria Ltd., Senator Magnus Abe goofed and exceeded his brief. Here is why.
In a position that can only be interpreted as second-guessing the President, Senator Abe insists that “the Department of Petroleum Resources (DPR) was right to recommend a revocation of the mining leases issued to Addax in the national interest.” Abe expressed this position after President Buhari had cancelled the revocation of the oil leases of Addax.
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