The Department of Petroleum Resources (DPR) has revoked five Oil Mining Licences (OMLs) and one Oil Prospecting Licence (OPL) belonging to five companies.
This was contained in a public notice issued on Thursday by the regulatory body. DPR 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)
Summit Oil is owned by the family of late Chief M.K.O. Abiola and Pan Ocean hopes to commence the production of oil and gas from OML 147 at Owa Aladima.
OML 147 is one of the northern most developments in the Niger Delta and also the first to be on production amongst the 2007 bid rounds.
The Firm’s three projects which will be ready for unveiling at the technical start up taking place June 10, 2019, is expected to contribute significantly to Nigerian industrialization and economic growth and empowerment of the host and impacted communities.
Former Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu, had last February announced plans to recover the oil licences of companies indebted to the government.
He expressed worry that some of the companies have failed to make statutory remittances despite being in Joint venture partnership (JV) with the Federal Government, a development he said was denying the government revenue running into billions of dollars.
