Addax Petroleum’s\u00a0 has had four Oil Mining Licenses (OML) revoked\u00a0 due to the non-development of the assets by the petroleum company according to the Department of Petroleum Resources (DPR).<\/p>\n
According to the departments Chief Executive Officer Sarki Auwa over 50 per cent of the assets had remained underdeveloped including OML 123, 124, 126 and 137.<\/p>\n
\u201cAddax refused to develop the assets and Addax were therefore not operating the assets,\u201d he said.<\/p>\n
The department cited Nigeria’s\u00a0 Petroleum Act which allows revocation when the regulator discovers that the asset is not being developed according to the business guidelines\u00a0 saying it amounts to economic sabotage.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"