Department of Petroleum Resources, DPR, under the administration of President Buhari, has revoked the oil mining licences, OML, granted five companies. Also revoked one oil prospecting licences, OPL.
A public notice issued on Thursday contained the revocation of oil licences.
According to DPR, the revocation was in line with a presidential directive to “recover legacy debts” owed by the companies operating the licences.
The affected Companies: 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).
