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2 Min Read LAGOS, April 7 (Reuters) - Nigeria’s oil and gas regulator has revoked four licences held by Addax Petroleum, it said in a statement on Wednesday, a highly unusual move for licences with producing assets. Department of Petroleum Resources director Sarki Auwalu said in a post on the DPR website that Addax was not developing the assets sufficiently. A DPR spokesman said the licences had already been re-awarded to Kaztec Engineering Limited and Salvic Petroleum Resources Limited. Two Addax representatives in Nigeria did not immediately respond to messages on LinkedIn seeking comment...

By Edith Ike-Eboh Abuja, April 7, 2021 The Federal Government has formally received the report from committee on compensatory contracts and others incentives for KAZTEC Engineering Ltd. Kaztec Engineering Limited is a subsidiary of Chrome Group, an indigenous engineering and fabrication company owned by Chief Emeka Offor. The Company’s Fabrication yard on Snake Island, which houses Badagry Creek Industrial Park Free Trade Zone, licensed in 2014 was grounded in March 2015 when Addax Petroleum had tax issues with the Federal Government. The grounding of the company also led to abrupt halt of...

Nigeria's oil regulator revokes four Addax field licences 07 Apr 2021 Addax Petroleum, according to a Reuters report. Department of Petroleum Resources (DPR) director Sarki Auwalu said in a post on the DPR website that Addax was not developing the assets sufficiently and that the four revoked assets, OML 123, OML 124, OML 126 and OML 137, had already been re-awarded to Kaztec Engineering and

Views: Visits 43 Nigeria’s oil and gas regulator, Department of Petroleum Resources, DPR has revoked four licenses held by Addax Petroleum, a highly unusual move for licenses with producing assets. The head of the agency, Sarki Auwalu said in a post on the DPR website that Addax was not developing the assets sufficiently, adding that the licenses had already been re-awarded to the operator’s former contractor, Kaztec Engineering Limited and Salvic Petroleum Resources Limited. Kaztec Engineering is owned by businessman, Emeka Offor via his Chrome Group of Companies. Addax is own...

By Emeka Anaeto & Udeme Akpan     ENERGY THE Federal government has revoked four Oil Mining Leases, OMLs belonging to Addax Petroleum Nigeria Limited citing  inability to comply with work programme targets. The OMLs are, 123, 124, 126 and 137, all operated by Addax Petroleum Development Company Limited, APDCL and Addax Petroleum Exploration Nigeria Limited, APENL. According to DPR, the revocation and re-award  have  already been approved by President Muhammadu Buhari, who doubles as the Minister of Petroleum Resources. The agency stated that the oil assets are now to be operated by Kazte...