The Nigeria National Petroleum Corporation Limited, NNPC Ltd. and Addax Petroleum Development (Nigeria) Limited have amicably terminated their 24-Year Production Sharing Contract Relationship after fulfilling closing obligations.
In a statement issued by Garba Deen Muhammad , Chief Corporate Communication Officer, NNPC limited, confirmed that both companies reached an agreement after proper negotiations.
“Three months after the execution of the Addax Transfer, Settlement, and Exit Agreement (ATSEA) for the PSC Oil blocks, OMLs 123/124 & 126/137, operated by Addax Petroleum Development (Nigeria) Limited, all closing obligations have been concluded and the Assets have been transferred to the Concessionaire, NNPC Limited”, he said.