The federal government, through the Department of Petroleum Resources (DPR), has revoked six oil block licenses granted to five companies.
While one of the licences is an Oil Prospecting Licence (OPL) where oil is still being explored, five licences are Oil Mining Leases (OMLs)
According to a notice issued to the industry operators by the apex regulator of the oil and gas industry, the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the leases
The five companies 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).
Details to follow later…..