The Nigerian National Petroleum Company (NNPC) Limited has taken over Addax Petroleum’s production sharing contract (PSC) assets.
Addax is owned by Sinopec, a state-owned Chinese firm.
The NNPC disclosed this in a tweet on Tuesday.
According to the company, the documents were signed in Abuja today (Tuesday).
It said the signing ceremony marked the termination of the 24-year PSC relationship between both oil firms.
The closing documents were signed on behalf of the two parties by Mele Kyari, group chief executive officer (GCEO), NNPC Limited, GCEO; and Yonghong Chen, outgoing managing director (MD), Addax.
