The Department of Petroleum Resources (DPR) has revoked the oil mining licences (OML) and one oil prospecting licence (OPL) belonging to five companies.
A statement released by the agecy today Thursday June 6th, says the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences.
According to the statement, the five companies affected are Summit Oil International (OPL 206), Express Petroleum and Gas Company (OML 108), Cavendish Petroleum Nigeria (OML 110), Pan Ocean Oil Corporation (OML 98) and Allied Energy Resources Nigeria, (OML 120 and 121).
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