Revocation: DPR Inaugurates Committee For Formal Handover Of Addax Assets

The Department of Petroleum Resources (DPR) says it has inaugurated a team of experts to evaluate the revoked assets of Addax Petroleum Exploration Nigeria Ltd.

OIL AND GAS MONDAY APRIL 26TH
Officials of DPR sealing-off a filling station in Kano recently for fuel diversion

Its Director, Mr Sarki Auwalu, said in a statement issued by Mr Paul Osu, Head, Public Affairs, on in Lagos.

DPR had recently revoked the four assets of Addax Petroleum Exploration Nigeria Ltd., namely OMLs 123, 124, 126 and 137 due to the non-development of the assets by the company.

Auwalu said that it was in preparation for the formal handing over to the new operators- Kaztech/Slavic Consortium.

He said that the move was in fulfillment of the Federal Government’s commitment to reactivating all moribund oil and gas support facilities across the country.

The director said it was also aimed at stimulating the economy and creating job opportunities for Nigerians.

Auwalu urged the committee to evaluate the current status (As-is) of the revoked assets, including liabilities post revocation, in order to facilitate takeover of the assets by the newly appointed operators.

He advised the committee members to discharge the responsibility entrusted on them by the nation with all sense of patriotism and dedication to national interest.

According to him, the committee has one week to conclude the assignment.