DPR sets up committee for formal handover of Addax Assets revocation

Chinazor Megbolu

The Department of Petroleum Resources (DPR) has set up a Committee for the formal handover of the revoked assets of Addax Petroleum Exploration Nigeria Limited.

DPR, in a statement issued by the Head, Public Affairs, Mr. Paul Osu, on Thursday in Lagos, noted that the agency had recently revoked the four assets of Addax Petroleum Exploration Nigeria Limited, which includes; OMLs 123, 124, 126 and 137 due to the non-development of the assets by the organisation.

The Director, DPR, Mr. Sarki Auwalu, in the statement also explained that DPR was in the preparation for the formal handing over to the new operators- Kaztech/Slavic Consortium.

He added that the initiative was in fulfillment of the Federal Government’s commitment towards reactivating all moribund oil and gas support facilities across the nation.

Auwalu, however, pointed out that the move was also aimed at stimulating the economy and creating job opportunities for Nigerians.

He then advised the committee to evaluate the current status (As-is) of the revoked assets, which are; liabilities post revocation, in a bid to facilitate takeover of the assets by the newly appointed operators.

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