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Wednesday, May 31, 2023

Nigerian National Petroleum Co., Addax Petroleum Terminate

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By Obafemi Oredein

IBADAN, Nigeria–The Nigerian National Petroleum Company Ltd. and Addax Petroleum Development (Nigeria) Ltd. have terminated their 24-year old production and sharing contract relationship, NNPC said Tuesday.

Under the termination agreement, NNPC takes over Addax PSC assets after fulfilling closing obligations, the NNPC announced…

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