The Nigerian National Petroleum Company (NNPC) Limited has announced the termination of its production-sharing contract (PSC) with Addax Petroleum Development (Nigeria).
According to the state oil firm, it has taken over Addax Petroleum’s production sharing contract (PSC) assets.
Addax is owned by Sinopec, a state-owned Chinese firm.
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“@nnpclimited takes over #Addax Petroleum’s PSC Assets. After fulfilling closing obligations, @nnpclimited and Addax Petroleum Development (Nigeria) Ltd today amicably terminated their 24-Year Production Sharing Contract (PSC) relationship,” according to a tweet by the firm on Tuesday, January 31, 2023.
Mele Kyari, the group CEO of NNPC Limited and Yonghong Chen, outgoing managing director of Addax, signed the closing documents on behalf of the two parties.
The signing ceremony marked the end of both oil companies’ 24-year PSC relationship.
