Business
Buhari restores ownership of four oil blocs to NNPC, orders DPR to withdraw revocation letter
President Muhammadu Buhari has approved the restoration of Oil Mining Leases (OML) 123, 124, 126, and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in production sharing contract with Addax Petroleum.
Addax Petroleum is owned by the Chinese government.
The OMLs were revoked by the Department of Petroleum Resources (DPR) on March 30.
The Senior Special Assistant on Media and Publicity to the President, Garba Shehu, who confirmed the development in a statement in Abuja on Friday, said the President directed the DPR to retract the letter of revocation of the OMLs.
He also ordered the NNPC to utilize contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between the Corporation and Addax.
READ ALSO: No increase in petrol price in May, NNPC assures
The statement said the restoration of the OMLs was in line with the current administration’s commitment to the rule of law, fairness, and enabling a stable business climate for investment.
According to the statement, the development reaffirms the commitment of the Buhari administration to the rule of law and sanctity of contracts.
The statement read: ”The restoration of the blocks to NNPC will boost the organisation’s portfolio, thereby making the corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...