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HomeHeadlineNNPC, Partners Resolve Addax Dispute Amicably

NNPC, Partners Resolve Addax Dispute Amicably

The protracted dispute on Oil Mining Leases (OMLs) 123/124, 126/137, operated by Addax Petroleum Nigeria Limited, has finally been laid to rest, paving the way for much-needed investment and growth of the oil blocks.

Mr Garba Muhammad, Chief Corporate Communications Officer, Nigerian National Petroleum Company Limited (NNPC Ltd) in a statement on Wednesday said the Production Sharing Contract (PSC) for the blocks was initially signed in 1973 between NNPC and Ashland.

Muhammad said the contract was terminated after 25 years but subsequently, NNPC signed another PSC with Addax in 1998 on the blocks and operated through Addax Petroleum for another 24yrs.

He said in 2021, issues around the revocation of the licences were reconsidered.

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