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.
Interrogating the NNPC/Addax face-off over oil mining leases [opinion]
On
By Meifor Igwe
IN contemporary Nigerian business context, oil mining leases are like the gold fish that cannot be hidden. And that is why oil mining leases 123, 124, 126 and 137 made headline news 23 years ago and they are back in the media space creating waves once again. They hold huge potential for Nigeria and everyone and can, therefore, not remain idle!
It is a fact that 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.
The Kaztec/Salvic consortium stated that the Department of Petroleum Resources (DPR) deserved to be commended for doing due diligence and following relevant laws in making them the choice operators of the assets.
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The Senate on Thursday decried the dominance of foreign operators in the employment of personnel in the nation’s diving sector.
The Chairman, Senate Committee on Local Content, Teslim Folarin, made the remark at an investigative hearing on a motion to ensure strict compliance with statutory regulations and provisions of the Nigerian Diving Sector.
The News Agency of Nigeria (NAN) reports that the meeting, which was at the instance of the committee, was designed to investigate claims of contravention of relevant statutory provisions in the area of diving in the oil and gas sector.
Mr Folarin said the Nigerian Oil and Gas Industry Content Development Act 2010, provided that 70 per cent of divers in offshore energy projects must be Nigerians.
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