The Department of Petroleum Resources (DPR) yesterday revoked four Oil Mining Licences OML 123; OML 124; OML 126 and OML 137 belonging to Addax Petroleum due to the non-development of the assets by the petroleum company.
The Director/Chief Executive Officer of the Department of Petroleum Resources, Mr. Sarki Auwalu made this disclosure at an interactive session with journalists in Lagos.
Giving reason for the action, he stated that it was discovered that over 50 per cent of the assets had remained underdeveloped, which was resulting to loss of revenue to the federal government. Addax refused to develop the assets and Addax was therefore not operating the assets, he said.
According to him, the DPR’s action was necessary because 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”, he said.
