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Addax Licence: NUPRC assures stakeholders of transparency in Upstream Petroleum sector

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            Mr. Gbenga Komolafe
Mr. Gbenga Komolafe, Chief Executive Officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has assured stakeholders of the Commission's determination to ensure transparency in all its dealings.
Komolafe gave the assurance in an interview with the Nigerian News Agency  in Abuja on Friday, while providing an update on Addax Petroleum's revoked license.
    recalls that Komolafe had confirmed that Addax Petroleum lost Oil Drilling Licenses (OMLs) 123, 124, 126 and 137 and they were returned to NNPC due to its inability to meet the obligations set out in the licensing provision.
    reports that NUPRC, formerly known as the Department of Petroleum Resources (DPR), in 2021 revoked four Production Sharing Contract (PSC) licenses operated, citing declining production and a lack of asset development for several years.
The assets were immediately re-allocated to the Kaztec Engineering Limited/Salvic Petroleum Resources Limited (KEL/Salvic) consortium, which consists of two Nigerian-owned independents, effective March 23, 2021, with the approval of President Muhammadu Buhari.
Also Read: NUPRC Says Santa Barbara Spill Stopped
According to Komolafe, the re-awarding of the Addax license will be a test case for the effectiveness of the Petroleum Industry Act (PIA).
He said that before now, oil mining leases were issued under the defunct Petroleum Law.
The PSCs consist of Oil Mining License (OML) 123, 124, 126 and 137, all owned by Addax Petroleum Development Nigeria Ltd. (APDNL) and Addax Petroleum Exploration Nigeria Ltd. (APENL).
Addax Petroleum was established in 1994 and, since August 2009, has been a subsidiary of Sinopec Group, one of the largest oil and gas producers in China, the largest oil refiner in Asia and the third largest in the world.   
                            
                        
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Source: NAN
Addax Licence: NUPRC assures stakeholders of transparency in Upstream Petroleum sector

Mr. Gbenga Komolafe

Mr. Gbenga Komolafe, Chief Executive Officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has assured stakeholders of the Commission’s determination to ensure transparency in all its dealings.

Komolafe gave the assurance in an interview with the Nigerian News Agency in Abuja on Friday, while providing an update on Addax Petroleum’s revoked license.

recalls that Komolafe had confirmed that Addax Petroleum lost Oil Drilling Licenses (OMLs) 123, 124, 126 and 137 and they were returned to NNPC due to its inability to meet the obligations set out in the licensing provision.

reports that NUPRC, formerly known as the Department of Petroleum Resources (DPR), in 2021 revoked four Production Sharing Contract (PSC) licenses operated, citing declining production and a lack of asset development for several years.

The assets were immediately re-allocated to the Kaztec Engineering Limited/Salvic Petroleum Resources Limited (KEL/Salvic) consortium, which consists of two Nigerian-owned independents, effective March 23, 2021, with the approval of President Muhammadu Buhari.

Also Read: NUPRC Says Santa Barbara Spill Stopped

According to Komolafe, the re-awarding of the Addax license will be a test case for the effectiveness of the Petroleum Industry Act (PIA).

He said that before now, oil mining leases were issued under the defunct Petroleum Law.

The PSCs consist of Oil Mining License (OML) 123, 124, 126 and 137, all owned by Addax Petroleum Development Nigeria Ltd. (APDNL) and Addax Petroleum Exploration Nigeria Ltd. (APENL).

Addax Petroleum was established in 1994 and, since August 2009, has been a subsidiary of Sinopec Group, one of the largest oil and gas producers in China, the largest oil refiner in Asia and the third largest in the world.

Keep reading

Source: NAN

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