President Muhammadu Buhari has sanctioned the restoration of the leases on Oil Mining License (OML) 123, 124, 126 and 137, to the Nigerian National Petroleum Corporation (NNPC).
Checkout Magazine gathered that the assets were previously operated by Addax Petroleum Exploration Nigeria Limited, a company owned by the Government of the People’s Republic of China.
The new development was contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, which disclosed that the leases, which belong to the Federation, had been revoked on the 30th March, 2021.
According to the statement, Presidential action would help the NNPC to increase its production quota, thereby generating more revenue for the Federation Account.
“In line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment, President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation, NNPC which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks. The leases belonging to the Federation were revoked on March 30, 2021.”
