• About
  • Advertise
  • Contact
Saturday, August 2, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Oil & Gas

NNPC Takes Over Four Oil Wells From Addax

Vital News by Vital News
January 31, 2023
in Oil & Gas
0
Oil Production Rises 14.6pct To 1.41mb/d In November – NUPRC
Share on FacebookShare on Twitter

Abuja – The Nigerian National Petroleum Company Ltd (NNPC) says it has taken over the operation of Production Sharing Contract (PSC) for four oil wells from Addax Petroleum Development Nigeria Ltd.

In a statement on Tuesday, NNPC said it amicably terminated Addax 24-year PSC relationship.

It said three months after the execution of the Addax Transfer, Settlement, and Exit Agreement (ATSEA) for the PSC oil blocks, OMLs 123/124 and 126/137, operated by Addax all closing obligations have been concluded and the assets have been transferred to the Concessionaire, NNPC Limited.

“Consequently, NNPC has taken necessary steps to take over the assets and oversee a clean, amicable, and speedy exit for Addax Petroleum Ltd., operate the asset on interim basis as a first step and subsequently appoint a competent replacement PSC contractor while NNPC continues to remain the Concessionaire,” it noted.

While the TSEA was signed in November 2022, the transfer of the oil wells to NNPC took place on Tuesday January 31, 2023.

RelatedStories

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

Dangote Urges African Leaders To Protect Local Industries From Unfair Competition

Africa Losing $90bln Annually To Importation Of Substandard Fuel, Dangote Laments

NOGASA Expresses Concern Over Dangote’s Direct Fuel Supply Plan To End Users

NNPC Ltd has also appointed the Transition Team lead, Mr Sagiru Jajere, as the Managing Director of Antan Producing Ltd.

Addax and NNPC had a long running battle over the operation before the latest amicable settlement.

Tags: AddaxNNPCOilwells
Previous Post

Tinubu/Shettima Will Ensure Better, Secured Nigeria – North-Central APC-PCC Parliamentarians Committee

Next Post

Consistency, Resilience key To Business Success – Expert

Vital News

Vital News

RelatedStories

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector
Business

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

July 27, 2025
Africans In Position To Develop Africa, Dangote Tells Global CEOs
Oil & Gas

Dangote Urges African Leaders To Protect Local Industries From Unfair Competition

July 23, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Oil & Gas

Africa Losing $90bln Annually To Importation Of Substandard Fuel, Dangote Laments

July 22, 2025
NOGASA Expresses Concern Over Dangote’s Direct Fuel Supply Plan To End Users
Oil & Gas

NOGASA Expresses Concern Over Dangote’s Direct Fuel Supply Plan To End Users

July 21, 2025
Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development
Economy

Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development

July 16, 2025
Next Post
Consistency, Resilience key To Business Success – Expert

Consistency, Resilience key To Business Success – Expert

Mammoth Crowd As APC Holds Campaign Rally In Okene

Mammoth Crowd As APC Holds Campaign Rally In Okene

I Look Forward To Peaceful Polls, Retirement, Says President Buhari

Report Of Attack On Buhari In Kano Is Fake - Presidency

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

400 Nigerian Deportees From UAE Arrive Abuja

11 months ago
Sokoto Deputy Governor, Manir Dan Iya  Dumps PDP

Vote Buying : Adebutu, PDP Suffer Fresh Legal Setback As Tribunal Dismisses Application

2 years ago

Display Of Voters Register : Yiaga Africa Makes Case For Flood Ravaged Communities

3 years ago
Governor Ododo Celebrates Nigerian Tribune @75

Governor Ododo Celebrates Nigerian Tribune @75

9 months ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Hafsoh Killer, Abdulrhaman Bello To Die By Hanging, Court Discharges, Acquits 4 Others

FG Seeks Partnership With Dangote Cement To Bridge Housing Gap

Canada Announces Plan To Recognise Palestinian State By September

Governor Alia Dissolves Benue Executive Council, Appoints New Chief of Staff

Dangote Cement Set To Commission 3Mta Grinding Plant In Côte d’Ivoire

Abdulrahim Thanks Governor Ododo Over Appointment as Governing Council Chairman Of Kogi College Of Nursing

Trending

NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute
Education

NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute

by Vital News
August 1, 2025
0

A delegation from the National Universities Commission (NUC) has paid a revalidation visit to the Distance Learning...

Work Ongoing To Re-Erect Three Towers Along Kainji-Birnin Kebbi Transmission Line – TCN

FG Awards Contracts Worth N68.7bln For Power Projects In Universities, Teaching Hospitals

July 31, 2025
Ododo Applauds President  Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

Ododo Applauds President Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

July 31, 2025
Hafsoh Killer, Abdulrhaman Bello To Die By Hanging, Court Discharges, Acquits 4 Others

Hafsoh Killer, Abdulrhaman Bello To Die By Hanging, Court Discharges, Acquits 4 Others

July 31, 2025
FG Seeks Partnership With Dangote Cement To Bridge Housing Gap

FG Seeks Partnership With Dangote Cement To Bridge Housing Gap

July 31, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute August 1, 2025
  • FG Awards Contracts Worth N68.7bln For Power Projects In Universities, Teaching Hospitals July 31, 2025
  • Ododo Applauds President Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway July 31, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In