Page 4 - Kaztec Engineering News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 C...

By curiously questioning the wisdom of President Muhammadu Buhari, who is also the substantive Minister of Petroleum Resources, in canceling 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.

Addax: 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 revocatio...

In 1998, the Nigerian National Petroleum Corporation (NNPC) entered into a 20-year PSC (Production Sharing Contract) in respect of certain oil mining

ON THE GO Wike on insecurity: Governors only running to Abuja to take photos with Buhari Nyesom Wike, governor of Rivers, says some of his colleagues are only running to Abuja to take photographs with President Muhammadu Buhari, instead of tackling the challenges in their states.... Protect dams in Niger, audit military assets — Reps recommend 11 steps to tackle insecurity The house of representatives has recommended 11 things Nigeria must do to address its growing security challenges.Advertisement At an executive session on Tuesday, the green chamber urged President Muham...