BREAKING: FG revokes six oil licences to ‘recover legacy debts’

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

In a public notice issued on Thursday, the regulatory body said 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).

THE CABLE