The Department of Petroleum Resources (DPR) has revoked four Oil Mining Licences (OML) belonging to Addax Petroleum due to the non-development of the assets by the petroleum company.
The affected assets are OML 123, 124, 126 and 137.
Speaking during an interactive session with journalists in Lagos on Tuesday, the Director/Chief Executive Officer, DPR, Mr. Sarki Auwalu, who disclosed this, said it was discovered that over 50 per cent of the assets had remained underdeveloped, which he said was resulting to loss of revenue to the federal government.
According to him, “Addax refused to develop the assets and Addax were therefore not operating the assets.”
The DPR boss pointed out that going by the country’s Petroleum Act, “the first reason for a revocation is when you discover that the asset is not being developed according to the business guidelines, because it is economic sabotage.”