President Muhammadu Buhari has again revoke oil mining licences granted to five oil companies.
The President, through the Department of Petroleum Resources, DPR also
revoked one oil prospecting licences, OPL.
The 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).