Backs DPR’s move against the firm[Ad]According to Abe, issues of revocation, allocation, and management of oil blocks are the exclusive preserve of the DPR. “There is nothing in the committee’s assignment that involved allocation of oil blocks. Nigerians need to know that Kaztec, a local firm, was awarded contracts worth over $650million by Addax Petroleum to develop the oil fields operated by Addax. Addax was asked to pay, instead of paying Addax declared a force majeure on its exploration activities and cancelled its investments in the oil fields. “Kaztec that has invested $650million in the project with Addax, was forced to bear the brunt of the dispute which was actually between Addax Petroleum and the Federal Government.

Source: The Guardian April 28, 2021 03:00 UTC