Nigeria: NNPC Takes Over Addax Petroleum's PSC Assets

31 January 2023
Premium Times (Abuja)
By Mary Izuaka

The move followed the termination of the Production Sharing Contract (PSC) relationship between NNPC and Addax.

The Nigerian National Petroleum Company Limited (NNPCL), on Tuesday, announced it has taken over assets owned by Addax Petroleum.

The move followed the termination of the Production Sharing Contract (PSC) relationship between both organisations.

The NNPCL in a tweet said:

"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 symbolise the amicable termination of the relationship."

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