{"id":25237,"date":"2021-04-23T21:45:15","date_gmt":"2021-04-23T20:45:15","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=25237"},"modified":"2021-04-23T21:45:15","modified_gmt":"2021-04-23T20:45:15","slug":"president-buhari-restores-ownership-of-oml-123-others-to-nnpc","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/04\/23\/president-buhari-restores-ownership-of-oml-123-others-to-nnpc\/","title":{"rendered":"President Buhari restores ownership of OML 123, others to NNPC"},"content":{"rendered":"<p>President Muhammadu Buhari has approved the restoration of the leases on Oil Mining License (OML) 123, 124, 126 and 137 to the Nigerian National Petroleum Corporation (NNPC).<\/p>\n<p>The assets were previously operated by Addax Petroleum Exploration Nigeria Limited, a company owned by the Government of the People\u2019s Republic of China.<\/p>\n<p>A statement by Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said the leases, which belong to the Federation, had been revoked on the 30th March, 2021.<\/p>\n<p>According to the statement, Presidential action would help the <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/04\/19\/petrol-no-increase-in-ex-depot-price-in-may-nnpc\/\" target=\"_blank\" rel=\"noopener\">NNPC<\/a> to increase its production quota, thereby generating more revenue for the Federation Account.<\/p>\n<p>\u201cIn line with the current administration\u2019s commitment to the rule of law, fairness and enabling a stable business climate for investment, President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation, NNPC which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People\u2019s Republic of China on the blocks. The leases belonging to the Federation were revoked on March 30, 2021.<\/p>\n<p>\u201cThis development reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts.<\/p>\n<p>\u201cWhile directing the Department of Petroleum Resources, DPR to retract the letter of revocation of the leases, the President also directed NNPC to utilize contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.<\/p>\n<p>\u201cThe restoration of the blocks to NNPC will boost the organisation\u2019s portfolio, thereby making the Corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account,\u201d the statement reads.<\/p>\n<p>The leases were revoked in March as a result of the non-development of the assets by Addax Petroleum.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Muhammadu Buhari has approved the restoration of the leases on Oil Mining License (OML) 123, 124, 126 and 137 to the Nigerian National Petroleum Corporation (NNPC). The assets were previously operated by Addax Petroleum Exploration Nigeria Limited, a company owned by the Government of the People\u2019s Republic of China. A statement by Senior Special [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":12906,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[115,1193,1567,6461],"class_list":["post-25237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-buhari","tag-nnpc","tag-oil-production","tag-oml-123"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>President Buhari restores ownership of OML 123, others to NNPC<\/title>\n<meta name=\"description\" content=\"President Muhammadu Buhari has approved the restoration of the leases on Oil Mining License (OML) 123, 124, 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