• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, October 25, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

NNPCL takes over Addax Petroleum’s PSC assets

Addax

The Matters Press by The Matters Press
January 31, 2023
Reading Time: 2 mins read
0
Marketers hail unveiling of new NNPC

The Nigeria National Petroleum Company Limited (NNPCL) says it has taken over the operation of Production Sharing Contract (PSC) assets from Addax Petroleum Development Nigeria Limited.

RELATED POSTS

Think tank blames historically poor management of resources on Nigeria’s high poverty prevalence

Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria

‎IMPI revises inflation rate projection to 14% from 17% for December

The NNPCL Chief Corporate Communications Officer, Garba Deen Muhammad, said in a statement on Tuesday that all closing obligations had been concluded and the assets transferred to the Concessionaire, NNPC Ltd.

The takeover comes three months after the execution of the Addax Transfer, Settlement, and Exit Agreement (ATSEA) for the PSC Oil blocks, OMLs 123/124 & 126/137, operated by Addax Petroleum Ltd.

“Consequently, NNPC has taken necessary steps to takeover the assets and oversee a clean, amicable, and speedy exit for Addax Petroleum Ltd., operate the asset on interim basis as a first step and subsequently appoint a competent replacement PSC contractor.

“This happened while NNPC Limited continues to remain the concessionaire of the assets in line with extant laws and regulations.

“Exit negotiations and formalities have been concluded and NNPC Ltd. in collaboration with the Office of the Attorney General of the Federation, NUPRC, NMDPRA, FIRS, EFCC, and the FCCPC have agreed on the clean and amicable exit for Addax.

“Agreement was reached by resolving all the PSC contractual issues, including litigations that culminated in the execution of a Transfer, Settlement, and Exit Agreement (TSEA) on Nov. 1, 2022”.

According to Muhammad, with fulfilment of the closing obligations by the parties and effective Jan. 31, 2023, Addax transfers the operatorship of OMLs 123/124 and 126/137 to Antan Producing Limited on interim basis.

He said the transfer would last through the transition period pending the emplacement of a substantive replacement PSC in compliance with the directive of President Muhammadu Buhari.

Muhammad said the NNPC Ltd had already announced the appointment of the Transition Team Lead, Mr Sagiru Jajere, as the Managing Director of Antan Producing Limited.

Before his appointment, Jajere was the Head of PSC Investment Management at the NNPC Upstream Investment Management Services (NUIMS).

The spokesman said that Jajere would be supported by a team of highly competent personnel with in-depth knowledge of the peculiarities of the Addax Assets.

“As the Addax Assets return to NNPC Ltd, it is expected that the much needed investments will be deployed to the assets while prudently conducting petroleum activities and creating value for the PSC, government and other stakeholders.”

Tags: AddaxPetroleum
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Think tank blames historically poor management of resources on Nigeria’s high poverty prevalence

October 24, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria

October 22, 2025
NBS reports increase in Inflation
Economy/Technology

‎IMPI revises inflation rate projection to 14% from 17% for December

October 22, 2025
CSOs give  thumps-up to Tinubu’s ONSA-NCTC, back Trump aide’s dismissal of Christian genocide in Nigeria
Agriculture

CSOs give thumps-up to Tinubu’s ONSA-NCTC, back Trump aide’s dismissal of Christian genocide in Nigeria

October 22, 2025
Standing With the Bello Family – Justice Must Never Be Cheapened
Energy

Standing With the Bello Family – Justice Must Never Be Cheapened

October 17, 2025
You led with distinction, CG of Customs, hails former boss,  Mohammed at 80
Economy/Technology

You led with distinction, CG of Customs, hails former boss, Mohammed at 80

October 10, 2025
Next Post
AFEX predicts decline in production of sorghum, others in 2023

AFEX predicts decline in production of sorghum, others in 2023

How NNPC is solving lingering petrol scarcity

NNPCL assures of adequate fuel supply for 2023 general election

Recommended Stories

SEC frowns at resurgence of Ponzi schemes

SEC reiterates capital market capability for infrastructure development

April 25, 2022
July petrol pump price ranges between N140.80 and N143.80

Nigeria has no plan to increase fuel pump price

December 1, 2022
New Year: Buhari to re-organise military, police to tackle crimes, insurgency

Nigeria to sell assets recovered from corrupt persons, including $40m jewellery of ex-petroleum minister

February 5, 2021

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think tank blames historically poor management of resources on Nigeria’s high poverty prevalence
  • Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria
  • ‎IMPI revises inflation rate projection to 14% from 17% for December

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us