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FG revokes six oil licenses

FG revokes six oil licenses - the federal government, the federal, oil, Government, Federal Government, Federal, allied energy resources

Peace Obi

has revoked five Mining Licences (OML) and one Prospecting Leases (OPL) belonging to Pan Ocean Corporation (OML 98); Nigeria (OML 120 and 121); Express Petroleum and Gas Company (OML 108); Cavendish Petroleum Nigeria (OML 110) and Summit International (OPL 206) said to owned by the family of late Chief M.K.O. Abiola.

The Department of Petroleum Resources (DPR) on Thursday in public notice said that the revocation of the licences was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences.

The notice read: “Notice is hereby given that in furtherance of the Presidential directive on the recovery of legacy debts owed the Federation and in line with the provisions of the Petroleum Act Cap. P10LFN 2004, the under-listed oil Mining Leases (OML) and Oil Prospecting Licence (OPL) have been revoked by of Nigeria for non-compliance with statutory regulatory obligations: Pan Ocean Oil Corporation (OML 98); Nigeria (OML 120 and 121); Express Petroleum and Gas Company (OML 108); Cavendish Petroleum Nigeria (OML 110) and Summit Oil International (OPL 206).”

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