Addax Petroleum Nigeria revoked licences DPR

Nigeria revokes, re-awards Addax licences

LAGOS, April 8, 2021 – Nigeria has revoked four licences for producing assets held by Addax Petroleum, citing “non-development.”

The government said it had discovered that more than 50% of the assets had not been developed, Department of Petroleum Resources director Sarki Auwalu was cited as saying in a post on the DPR website on Wednesday.

He said this resulted in a loss of revenue for the federal government, and that under the country’s Petroleum Act licences could be revoked for a failure to develop, which he termed “economic sabotage.”

The assets include OML 123, 124, 126 and 137, and they have been re-awarded to local players Kaztec Engineering and Salvic Petroleum Resources, a DPR spokesman told Reuters.

“Addax refused to develop the assets and Addax were therefore not operating the assets,” Auwalu said.

Read our latest interview with Engr. Sarki Auwalu.

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