GIFT ROBERTS
No fewer than four assets belonging to Addax Petroleum Exploration Nigeria Limited will be handed over to the new operators Kaztech/Slavic Consortium.
This followed the revocation of the Production Sharing Contracts (PSCs) of Addax by the Department of Petroleum Resources.
The PSCs consist of oil mining licences (OMLs) 123, 124, 126 and 137.
In a statement by Mr Paul Osu, Head, Public Affairs of DPR, said four production sharing contracts PSCs operated by Addax Petroleum were revoked over non-development of the assets for several years.
Osu said that a committee was inaugurated in Abuja on Wednesday by the Director of the DPR, Mr Sarki Auwalu, in preparation for the formal ceremony culminating in the takeover by the new operators, Kaztech/Slavic Consortium.
The statement quoted Auwalu to have said that the move was as a result of the federal government’s commitment to reactivating all moribund oil and gas support facilities, which is also aimed at stimulating the economy and creating job opportunities for Nigerians.
While speaking, he advised the committee to discharge its mandate with all sense of patriotism and dedication to the national interest, as he gave the panel one week to conclude their assignment.
He said over 50 per cent of the assets under Addax’s control was undeveloped and was not being operated “in a vigorous manner and that constitutes revenue loss to the government”.
“It is the outcome of the regular interactions that have led to this action which makes it necessary for us to recommend to the government to take this necessary action. The license has been awarded to a new consortium that will assume the new assets on the same terms,” he stated.
He further charged the committee to evaluate the current status of the revoked assets, including liabilities post-revocation, in order to facilitate the takeover of the assets by the newly-appointed operators of the assets.