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DPR inaugurates a committee for handover of Addax assets

Joseph Oyekanmi



DPR sets up strategy to enhance value from oil and gas

The Department of Petroleum Resources (DPR) has announced that it has inaugurated a team of experts to assess the revoked assets of Addax Petroleum Exploration Nigeria Ltd.

Its director, Mr Sarki Auwalu, said in a statement issued by Mr Paul Osu, head of public affairs, Thursday in Lagos.

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

Auwalu said he was preparing for the official handover to the new operators – Kaztech/Slavic Consortium.

He said the move meets the federal government’s commitment to reactivate all moribund oil and gas support facilities across the country.

The director said he also aims to stimulate the economy and create employment opportunities for Nigerians.

Auwalu urged the committee to assess the current state (as is) of the revoked assets, including post-revocation liabilities, in order to facilitate asset take-over by the newly appointed operators.

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

According to him, the committee has one week to conclude the mission.

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