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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 Min...

EXPOSED: Petroleum Minister, Cronies Plot Kangaroo NNPC Report To Divert $650million Oil Contracts To Themselves The decision to hurriedly sell the OMLs had been conveyed in a letter signed by the Director of the Department of Petroleum Resources, the industry’s regulatory agency. by SaharaReporters, New York Apr 26, 2021 The last may have not been heard about the mega fraud concerning four Oil Mining Leases formerly operated by the Addax Petroleum Nigeria Limited, which are being plotted to be diverted to proxy firms linked to the Minister of State for Petroleum Resources, Timipre Sylva, a...

The last may have not been heard about the mega fraud concerning four Oil Mining Leases formerly operated by the Addax Petroleum Nigeria Limited, which are being plotted to be diverted to proxy firms linked to the Minister of State for Petroleum Resources, Timipre Sylva, and President Muhammadu Buhari’s nephew, Mamman Daura. Sylva has set up a kangaroo committee of the Nigerian National Petroleum Corporation headed by Senator Magnus Abe to look into the four leases – OMLs 123, 124, 126 and 137 – which were all operated by Addax Petroleum Development Nigeria Limited but which were being ...

Nigeria’s president restores four drilling permits revoked from China’s Addax By William Clowes on 4/25/2021 (Bloomberg) --Nigerian President Muhammadu Buhari reversed a government decision to revoke four oil permits from a unit of China’s Sinopec. Buhari “approved the restoration” of the licenses to Addax Petroleum Corp. as part of his commitment to “the rule of law and sanctity of contracts,” spokesman Garba Shehu said in an emailed statement Friday. The West African nation’s oil industry regulator, the Department of Pe...

William Clowes, Bloomberg News Muhammadu Buhari Photographer: Drew Angerer/Getty Images , Photographer: Drew Angerer/Getty Images (Bloomberg) -- Nigerian President Muhammadu Buhari reversed a government decision to revoke four oil permits from a unit of China’s Sinopec. Buhari “approved the restoration” of the licenses to Addax Petroleum Corp. as part of his commitment to “the rule of law and sanctity of contracts,” spokesman Garba Shehu said in an emailed statement Friday. The West African nation’s oil industry...