Nigeria's NNPC Ltd said on Tuesday Sinopec's Addax Petroleum Development (Nigeria) Ltd had exited from its four major oil mining blocks in Nigeria and transferred them to the state-owned oil company.
"NNPC Ltd and Addax Petroleum Development Ltd signed a Memorandum of Understanding on the Transfer, Settlement and Exit Agreement for Oil Mining Leases 123/124 and OMLs 126/137," NNPC said on its official Twitter account.
Bala Wunti, the chief investment officer of NNPC Upstream Investment Management Services said "with this agreement, Addax has ceased to be the PSC contractor of the asset."The oil leases were in April 2021 revoked by the petroleum regulator which accused Addax of failing to develop them sufficiently, but the decision was overturned by President Muhammadu Buhari three weeks later.in July and is bulking up assets ahead of a planned initial public offering in the second half of next year.
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