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JUST IN: FG withdraws 6 oil licences to recover legacy debts

The Department of Petroleum Resources (DPR) has revoked five Oil Mining Licences (OML) and one Oil Prospecting Licence (OPL) belonging to no less than five firms.

In a publication released, on Thursday, June 5, the DPR said that the revocation was influenced by a presidential order to recover legacy debts owed by the firms operating the licences, it was gathered.

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The affected companies 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).