FG Withdraws Six Oil Licences To 'Recover Legacy Debts'

The Department of Petroleum Resources (DPR) has revoked five oil mining licences (OML) and one oil prospecting licences (OPL) belonging to five companies, Concise News reports.

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This was contained In a public notice issued by the regulatory body on Thursday.

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

The five companies affected 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 later..…