The Department of Petroleum Resources has revoked five oil mining licenses and one oil prospecting license 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).
Summit Oil is owned by the family of late Chief M.K.O. Abiola
