NNPCL Takes over Addax PSC Assets

Paschal Emeka, Abuja | January 31, 2023

The Nigerian National Petroleum Corporation Limited, NNPCL has taken over Addax Petroleum Production Sharing Contract, PSC.

This was made known through a statement posted on NNPCL’s official Twitter handle on Tuesday.

For the past 24 years, NNPCL and Addax Petroleum have had an agreement on a Production Sharing Contract, PSC, however, NNPCL said the partnership has been terminated.

“After fulfilling closing obligations, @nnpclimited and Addax Petroleum Development (Nigeria) Ltd today amicably terminated their 24-Year Production Sharing Contract (PSC) relationship.

“GCEO @nnpclimited Mallam @MKKyari and Mr. Yonghong Chen (Outgoing MD Addax) signed the closing documents at the #NNPCTowers on behalf of the two parties, to symbolize the amicable termination of the relationship”, NNPCL said in the tweet.