The Federal Government Department Of Petroleum Resources has restrained the Licenses of Five Oil Mining Licences and Oil Prospecting Licences belonging to Five Companies.
It revealed that 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;
- Summit Oil International (OPL 206).