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HomeBusinessDPR appoints new operator for revoked Addax assets, set up evaluation committee

DPR appoints new operator for revoked Addax assets, set up evaluation committee

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The Department of Petroleum Resources (DPR) on Thursday said it has inaugurated a committee consisting of experts to evaluate the revoked assets of Addax Petroleum Exploration Nigeria Ltd.

The move is preparatory to the handing over of the assets to their new owners, Kaztech/Slavic Consortium, according to a statement issued by the Head of Public Affairs, Paul Osu.

The DPR Director, Sarki Auwalu was quoted as saying that the committee will work out modalities for handing over the revoked assets to the new owners.

DPR had recently revoked the four assets of Addax Petroleum Exploration Nigeria, namely OMLs 123, 124, 126 and 137 due to the non-development of the assets by the company.

Auwalu said that the move was in fulfillment of the Federal Government’s commitment to reactivating all moribund oil and gas support facilities across the country.

The director said it was also aimed at stimulating the economy and creating job opportunities for Nigerians.

Auwalu urged the committee to evaluate the current status (As-is) of the revoked assets, including liabilities post revocation, in order to facilitate the takeover of the assets by the newly appointed operators.

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He advised the committee members to discharge the responsibility entrusted on them by the nation with all sense of patriotism and dedication to national interest.

DPR had revoked the Oil Mining Licences (OML) issued to Addax on 123, 124, 126 and 137, claiming that the company failed to develop the assets, resulting in revenue loss to the country.

The department stated that over 50 per cent of the assets under Addax’s control were undeveloped and were not being operated “in a vigorous manner and that constitutes revenue loss to the government.”

Auwalu noted that the average reserved assets remained flat underlining the fact that activities around the oil blocs had not been improved upon.

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