DPR inaugurates experts for handover of Addax’s revoked assets

The Department of Petroleum Resources (DPR) has inaugurated a team of experts to evaluate the revoked assets of Addax Petroleum Exploration Nigeria Limited in preparation for formal handover to the new operators- Kaztech/Slavic Consortium.

A statement issued on Thursday in Lagos by Head, Public Affairs, DPR, Mr. Paul Osu said the committee was inaugurated on Wednesday in Abuja by the Director of DPR, Engr. Sarki Auwalu.

Auwalu said the move was in fulfillment of the Federal Government’s commitment to reactivate all moribund oil and gas assets across the country.

The director said it was aimed at stimulating the economy and creating job opportunities for Nigerians.

He charged the committee to evaluate the current status (As-is) of the revoked assets, including liabilities post revocation, in order to facilitate takeover of the assets by the newly appointed operators of the assets.

He also advised the committee to discharge the responsibility entrusted on them by the nation with all sense of patriotism and dedication to national interest.

He gave the committee one week to conclude the assignment.

It will be recalled that DPR recently revoked the four assets of Addax Petroleum Exploration Nigeria limited namely OML’s 123, 124, 126 and 137 due to the nondevelopment of the assets by the company.