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Nigerian National Petroleum Corporation is to appear before the committee in two weeks, but lawmakers say they will invite President Muhammadu Buhari—as the minister of petroleum resources—if NNPC fails to appear as it has done in the past. Sylva defended the revocation using portions of the Act that give the minister power to “revoke any oil prospecting licence or Oil Mining Licence” in the event of clear breaches by a “Licence” and other reasons specified in the Act. Sylva informed that the said assets have not been optimally managed, adding that they were producing 130,000 barr...

Deji Elumuye and Emmanuel Addeh in Abuja President Muhammadu Buhari yesterday approved the restoration of the permits on Oil Mining Leases (OMLs) 123, 124, 126 and 137 to the Nigerian National Petroleum Corporation (NNPC) and, by extension, Addax Petroleum. The Nigerian government, through the national oil company, had been in a Production Sharing Contract (PSC) with Addax Petroleum, a subsidiary of SINOPEC, the national oil company of People’s Republic of China, on these oil blocks. PSC is a contractual arrangement for exploration and production of petroleum resources where the contractor ...

By Emmanuel Addeh Following the federal government’s revocation of the Production Sharing Contracts (PSCs) on four assets belonging to Addax Petroleum Exploration Nigeria Limited (APENL), the Department of Petroleum Resources (DPR) has announced the kick-off of processes that will lead to the handing over of the facilities to new owners. The oil and gas industry regulator stated Thursday that a committee has already been set up in preparation for the formal ceremony culminating in the takeover by the new operators, Kaztech/Slavic Consortium, after it was taken from the erstwhile owners. A s...