23 Apr 2021

DPR to present revoked oil licences to new operators

The Department of Petroleum Resources (DPR) has inaugurated a team of experts to evaluate the revoked four oil mining licenses from Addax Petroleum Exploration Nigeria Limited to a new operator – Kaztech/Slavic Consortium.

Director of DPR, Sarki Auwalu in a statement signed by Head, Public Affairs, DPR, Paul Osu said the move was in fulfilment of the Federal Government’s commitment to reactivating all moribund oil and gas support facilities across the country.

The department had earlier revoked the Chinese-owned Addax’s OML 123, 124, 126 and 137 noting that the company failed to develop the licenses.

Auwalu stated that the prevailing development was meant to stimulate the economy and create job opportunities for Nigerians.

He charged 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 of the assets.

Auwalu similarly urged that committee 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.