The Dabigal Blog

NNPCL takes over Addax petroleum production sharing contract assets

The Nigerian National Petroleum Corporation Limited, NNPCL has taken over Addax Petroleum Production Sharing Contract, PSC.

This is according to a statement posted on NNPCL’s official Twitter handle on Tuesday.

For the past 24 years, NNPCL and Addax Petroleum have had an agreement on a Production Sharing Contract, PSC, however, NNPCL said the partnership has been terminated.

“After fulfilling closing obligations, @nnpclimited and Addax Petroleum Development (Nigeria) Ltd today amicably terminated their 24-Year Production Sharing Contract (PSC) relationship.

“GCEO @nnpclimited Mallam @MKKyari and Mr. Yonghong Chen (Outgoing MD Addax) signed the closing documents at the #NNPCTowers on behalf of the two parties, to symbolise the amicable termination of the relationship”, NNPCL said in the tweet.

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