President Buhari revokes six oil licences, gives reasons

The Department of Petroleum Resources, DPR, has revoked the oil mining licences, OML, granted five companies.

DPR also revoked one oil prospecting licences, OPL.

The revocation of oil licences was contained in a public notice issued on Thursday.

DPR explained that the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences.

Companies affected include: 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).

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