SWITCH MODE

   

Buhari Restores Ownership Of Four Oil Blocks To NNPC

1XBET - NAIJAFINIX

President Muhammadu Buhari has approved the restoration of the leases on four Oil Mining Licences to the Nigerian National Petroleum Corporation.

The oil licences affected are OMLs 123, 124, 126 and 137.

The Department of Petroleum Resources had on March 30, 2021, revoked the licences belonging to the federation.

The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, disclosed this in a statement titled ‘President Buhari restores ownership of OML 123, others to NNPC.’

Shehu said the President had directed the DPR to retract the letter of revocation of the leases.

According to the presidential aide, Buhari also directed the NNPC to utilise contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between the corporation and Addax.

The statement read, “In line with the current administration’s 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, which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks. The leases belonging to the Federation were revoked on March 30, 2021.

“This development reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts.

“While directing the Department of Petroleum Resources, DPR to retract the letter of revocation of the leases, the President also directed NNPC to utilise contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.

“The restoration of the blocks to NNPC will boost the organisation’s 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.”

Do you find Naijafinix Blog Useful??

Click Here for Feedback and 5-Star Rating!

CLICK HERE TO COMMENT ON THIS POST
Follow Us on Social Media:


We make sure we keep you updated with all Latest Songs, News, Trending Gists, & lots more here on Naijafinix.com. Don't forget to Check back later, for more updates or Kindly Call Us Now to request any song of your choice!!!

UPLOAD & PROMOTE YOUR SONGS HERE
+2348133393353, +2349043027824
CLICK HERE TO REQUEST ANY SONG

NF - SPONSORED VIDEO ADVERT

Funny Comedy Video:- "I Go Kill You Today"

DOWNLOAD COMEDY HERE

NAIJAFINIX TOP 10 SONGS

"Love Cycle (Remix)"
Enisa Ft Davido

"Forever (Remix)"
Gyakie Ft Omah Lay

"Made In Lagos"
Wizkid

"Somebody Baby"
Peruzzi Ft. Davido

"A Better Time"
Davido

"Abule"
Patoranking

"If You No Love"
Chike Ft Mayorkun

"In My Maserati"
Olakira Ft Davido

"Money Fit Me"
Syno

"Lo Lo"
Omah Lay

Leave a Reply

Your email address will not be published.

FACE OF NAIJAFINIX 2021

ADVERTISE HERE

NAIJAFINIX MILLIE AWARDS 2020

ADVERTISE HERE

For Song of Your Choice CLICK HERE

GO BACK TO THE TOP

PREMIUM SPONSORED ADVERTS

ADVERTISE HERE

ADVERTISE HERE

ADVERTISE HERE

ALL NAIJAFINIX MODELS

NF-Models (2018 - 2021)

VIEW NAIJAFINIX MODELS