Barely four months after acquiring OVH Energy Marketing (OVHEM) Limited, Nigerian National Petroleum Company Limited (NNPC), yesterday, announced takeover of Addax Petroleum Development (Nigeria) Limited’s production sharing contract assets.
Coming amid loggerhead between NNPC and Seplat over sale of ExxonMobil’s Mobil Producing Nigeria Unlimited (MPNU), the national oil company said Addax Petroleum Development (Nigeria) Limited was taken over “amicably,” terminating a 24-year contract relationship.
According to a statement signed by NNPC’s Chief Corporate Communications Officer, Garba Deen Muhammad, the takeover followed execution of the Addax Transfer, Settlement and Exit Agreement (ATSEA) for the PSC Oil blocks, OMLs 123/124 & 126/137.
Muhammad said all closing obligations were concluded and the assets have been transferred to the concessionaire, NNPC Limited.
“Consequently, NNPC has taken necessary…
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