Nigeria President Orders Reinstatement of China Oil Firm's Permit

President Muhammadu Buhari has ordered the Department of Petroleum Resources to reinstate four oil mining licenses held by Addax Petroleum, that the department had revoked three weeks ago. The government, through the DPR, revoked licenses of oil fields 123, 124, 126, and 137, citing the company's inability to comply with targets. The reinstatement is aimed at ensuring the "commitment to the rule of law, fairness and enabling a stable business climate for investment," President Buhari said. He further reiterated that the blocs will boost Nigeria's long-term oil production. Addax is owned by the Chinese state-run Sinopec, and has a production-sharing contract with the Nigerian National Petroleum Cooperation.

(file photo).

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