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  • Updated: April 22, 2021

DPR Inaugurates Committee For Handover Of Addax Assets

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Oluwatosin Ogunjuyigbe
Oluwatosin Ogunjuyigbe

A seasoned business content writer, financial markets analyst, and tech enthusiast.

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

Its Director, Mr. Sarki Auwalu, said in a statement issued by Mr. Paul Osu, Head, Public Affairs, on Thursday in Lagos.

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

READ ALSO: DPR Assures Nigerians Of Petroleum Products Availability During Easter

Auwalu said that it was in preparation for the formal handing over to the new operators- Kaztech/Slavic Consortium.

He said that the move was in fulfillment of the Federal Government’s commitment to reactivating all moribund oil and gas support facilities across the country.

The director said it was also aimed at stimulating the economy and creating job opportunities for Nigerians.

READ ALSO: DPR Seals 86 Gas Plants In Lagos For Illegal Operations

Auwalu urged the committee to evaluate the current status (As-is) of the revoked assets, including liabilities post revocation, in order to facilitate the takeover of the assets by the newly appointed operators.

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

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

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Oluwatosin Ogunjuyigbe
Oluwatosin Ogunjuyigbe

A seasoned business content writer, financial markets analyst, and tech enthusiast.

More From this Author

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