The Federal Government has said that Addax Petroleum’s oil mining license revocation and reversal will not affect Nigeria’s relations with China.
This was disclosed in a statement after the Minister of State for Petroleum, Timipre Syla, met the Chinese Ambassador to Nigeria H.E CUI Jianchun on Thursday, in Abuja.
What the statement said
“Officials agreed on excellent relations that exist between their two countries and expressed the need to deepen partnership.
Among other issues, they both agreed that the recent revocation of some OMLs held by Addax was purely a commercial decision and will not have any impact on the excellent relationship between the two countries.”
What you should know
Nairametrics reported last month that President Muhammadu Buhari 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 the Chinese government-owned, Addax Petroleum.
Department of Petroleum Resources (DPR), had on March 31, 2021, revoked the 4 assets of Addax Petroleum Exploration Nigeria Limited, namely OMLs 123, 124, 126, and 137 due to the non-development of the assets by the company.