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PRODUCTION SHARING CONTRACT
NNPC Limited said it has ended its production sharing contract (PSC) relationship with China-based Addax Petroleum
Under the PSC, Addax fully funded and operated the development of the OMLs, with profit shared between Addax and NNPC.
The Federal Government has revealed that the current average total cost of production for crude oil is below $30 per barrel for Joint Venture agreements and below $20 per barrel for the Production Sharing Contract.