FG revokes six oil licences to ‘recover legacy debts’

FG revokes six oil licences to ‘recover legacy debts’

The Department of Petroleum Resources (DPR) on Thursday revoked five oil mining licences (OML) and one oil prospecting licence (OPL) belonging to five companies.

According to the regulatory body, the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences.

The five companies listed, are Pan Ocean Oil Corporation (OML 98); Allied Energy Resources Nigeria, (OML 120 and 121); Express Petroleum and Gas Company (OML 108); Cavendish Petroleum Nigeria (OML 110) and Summit Oil International (OPL 206).

Leave a Comment