Nigeria revokes Addax four oil mining licenses
Nigeria on Monday said it has revoked four Oil Mining Licenses (OML) belonging to Addax Petroleum due to the non-development of the assets by the energy firm.
The affected assets are OML 123, 124, 126 and 137, according to the Department of Petroleum Resources (DPR).
The Director/Chief Executive Officer of DPR, Sarki Auwalu, who disclosed this on Tuesday, said it was discovered that over 50 percent of the assets had remained underdeveloped, which he said was resulting to loss of revenue to the federal government.
“Addax refused to develop the assets and Addax were therefore not operating the assets.”
The DPR boss pointed out that going by the country’s Petroleum Act, “the first reason for a revocation is when you discover that the asset is not being developed according to the business guidelines because it is economic sabotage,” Auwalu said.