The Nigerian National Petroleum Company Limited and Addax Petroleum Company signed an asset transfer agreement on Tuesday to bring an end to the dispute surrounding Oil Mining Leases 123/124 and 126/137.
NNPC’s Chief Finance Officer, Umar Ajiya, signed the agreement on behalf of his company, while the Managing Director for Addax, Yonghong Chen, signed for the oil firm.
With the agreement, the protracted dispute on OMLs 123/124, 126/137, operated by Addax Petroleum Nigeria Limited, has finally been laid to rest.
The Production Sharing Contract for the blocks was initially signed in 1973 between NNPC and Ashland, but was terminated after 25 years.
