The NNPC faulted the DPR for revoking the oilfields saying it is the petroleum minister who has the power to revoke leases. If defended Addax, saying “Addax has not been investing in capital projects, development drilling, and exploration activities due to dispute on applicable fiscal terms on its blocks.”
“Addax has already written to DPR expressing their intention to exercise their right to challenge the revocation using all government, diplomatic and legal means to seek redress and achieve satisfaction.”The NNPC argued that the ability of NNPC and the newly appointed contractor to partner and properly utilise the assets may be severely hampered if Addax goes ahead with its threat to legally challenge the revocation process.
“In addition to possible resort to legal contest, Addax could still have grounds to make claims in respect of cost recovery of outstanding expenditure or consequential losses such as profit against NNPC and thus indirectly the Government.”
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