President Muhammadu Buhari has approved the recovery of rent on OMLS 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which in the contract sharing production with the Petroleum Addax, a company that is fully owned by the Government of the People’s Republic of China in the block.
A spokesman for President Garba Shehu said on Friday that restoration was in line with the current government commitment to the rule of law, justice and allowing a stable business climate for investment.
Garba, who remembered that the Federation’s rental was revoked on March 30, 2021, said that the current developments reiterated the commitment of President Buhari to the rules of the law and the sanctity of the contract.
The President, who directed the Petroleum Resources Department (DPR) to withdraw lease revocation letters, also directed NNPC to take advantage of the provisions of the contract to resolve the problem in line with the provisions of the production settings sharing production between NNPC and ADDAX.
Presidential spokesman said the recovery of blocks to NNPC would increase the organizational portfolio, so that the corporation, in the long run, increased crude oil production and in turn increases the income produced to the federation account.
There’s love in sharing.
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