{"id":41710,"date":"2021-04-24T17:21:30","date_gmt":"2021-04-24T17:21:30","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/?p=41710"},"modified":"2021-04-24T16:52:43","modified_gmt":"2021-04-24T16:52:43","slug":"president-buhari-restores-ownership-of-oml-123-others-to-nnpc","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/president-buhari-restores-ownership-of-oml-123-others-to-nnpc","title":{"rendered":"President Buhari restores ownership of OML 123, others to NNPC"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>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 a production sharing contract with Addax Petroleum.<\/p>\n

Addax Petroleum is completely owned by the Chinese Government.<\/p>\n

The leases belonging to the federation were revoked on March 30, 2021.<\/p>\n

Buhari\u2019s aide, Malam Garba Shehu, confirmed the development on Friday in a statement in Abuja.<\/p>\n

Shehu explained that the restoration of the OMLs was in line with the current administration\u2019s promise to the rule of law, fairness and enabling a steady business climate for investment.<\/p>\n

According to him, this development reaffirms the commitment of the Buhari administration to the rule of law and sanctity of contracts.<\/p>\n

He quoted Buhari as directing the Department of Petroleum Resources (DPR) to retract the letter of revocation of the leases.<\/p>\n

Buhari also directed the NNPC to utilize contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.<\/p>\n

Shehu said,\u201d The restoration of the blocks to NNPC will boost the organization\u2019s portfolio, thereby making the corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. 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 a production sharing contract with Addax Petroleum. Addax Petroleum is completely owned by the Chinese Government. The leases belonging to the federation were revoked on […]<\/p>\n","protected":false},"author":84,"featured_media":41709,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,97,254,434,3949],"class_list":["post-41710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-buhari","tag-nigeria","tag-nnpc","tag-oml"],"yoast_head":"\nPresident Buhari restores ownership of OML 123, others to NNPC - Nigeria<\/title>\n<meta name=\"description\" content=\"President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria Natio ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/president-buhari-restores-ownership-of-oml-123-others-to-nnpc\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"President Buhari restores ownership of OML 123, others to NNPC\" \/>\n<meta property=\"og:description\" content=\"President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria Natio ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/president-buhari-restores-ownership-of-oml-123-others-to-nnpc\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-24T17:21:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/04\/img-60844cb854b4b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/president-buhari-restores-ownership-of-oml-123-others-to-nnpc#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/president-buhari-restores-ownership-of-oml-123-others-to-nnpc\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"President Buhari restores ownership of OML 123, others to NNPC\",\"datePublished\":\"2021-04-24T17:21:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/president-buhari-restores-ownership-of-oml-123-others-to-nnpc\"},\"wordCount\":218,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/president-buhari-restores-ownership-of-oml-123-others-to-nnpc#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/04\/img-60844cb854b4b.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"Buhari\",\"Nigeria\",\"NNPC\",\"OML\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/president-buhari-restores-ownership-of-oml-123-others-to-nnpc#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/president-buhari-restores-ownership-of-oml-123-others-to-nnpc\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/president-buhari-restores-ownership-of-oml-123-others-to-nnpc\",\"name\":\"President Buhari restores ownership of OML 123, others to NNPC - 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