Find the latest bookmaker offers available across all uk gambling sites www.bets.zone Read the reviews and compare sites to quickly discover the perfect account for you.

Buhari restores ownership of OML 123, others to NNPC

In line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment, President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation, NNPC which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks. The leases belonging to the Federation were revoked on March 30, 2021.

This development reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts.

While directing the Department of Petroleum Resources, DPR to retract the letter of revocation of the leases, the President also directed NNPC to utilize contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.

The restoration of the blocks to NNPC will boost the organisation’s portfolio, thereby making the Corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account.

Garba Shehu

Senior Special Assistant to the President

(Media & Publicity)

About Younews Ng

Check Also

40 worshippers from Katsina Mosque abducted Monday morning

Hoodlums suspected to be bandits on Monday morning attacked a Mosque in Kwata, Jibia Local ...

Leave a Reply

Your email address will not be published. Required fields are marked *