The Nigerian National Petroleum Company Ltd announced on Tuesday that Sinopec’s Addax Petroleum Development (Nigeria) Ltd had exited and transferred four major oil mining blocks in Nigeria to the state-owned oil company.
Addax began operations in Nigeria in 1998 by signing Production Sharing Contracts (PSCs) with the Nigerian National Petroleum Corporation (NNPC).
NNPC announced through its Twitter account saying, “NNPC Ltd and Addax Petroleum Development (Nigeria) Ltd signed a Memorandum of Understanding on the Transfer, Settlement and Exit Agreement for Oil Mining Leases (OML) 123/124 and OMLs 126/137.”
The Chief Executive Officer, National Petroleum Investment Management Services (NAPIMS), Mr. Bala Wunti said, “With this agreement, Addax has ceased to be the Production Sharing Contractor contractor of the asset.” The terms of the agreement were not disclosed by NNPC or Wunti.