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's Republic of China on the blocks. This was disclosed by Garba Shehu, Senor Special Assistant to the President, stating that the leases belonging 5o the federation were revoked on March 30 2021. President Buhari directing the Department of Petroleum Resources (DPR) to retract the letter of revocation of the leases, 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. The restoration of the blocks to NNPC will boost the organization's portfolio, thereby boosting its crude oil production and increase the revenue it generates to the federal account. Garba stated that this development reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts.
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