Just In : Buhari govt revokes six oil licences, gives reasons

The Department of Petroleum Resources, DPR, has revoked the oil mining licences, OML, granted 5 firms.

 

DPR additionally revoked one oil prospecting licences, OPL.

 

The revocation of oil licences was contained in a public discover issued on Thursday.

 

DPR defined that the revocation was primarily based on a presidential directive to “recover legacy debts” owed by the businesses working the licences.

 

Companies affected embrace: 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).

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