The Federal Government has revoked the oil licences of five companies that own five Oil Mining Licences and one Oil Prospecting Licence.
This was made known in a statement on Thursday by the Department of Petroleum Resources.
The licences affected are those of Summit Oil International Limited owned by the late Chief Moshood Kashimawo Olawale Abiola; Express Oil, owned by Aminu Alhassan Dantata; and Cavendish Petroleum, owned by Mai Deribe.
In a public notice issued on Thursday by the regulatory body, 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).
Pan Ocean hopes to commence the production of oil and gas from OML 147 at Owa Aladima.
OML 147 is one of the northern most development in the Niger Delta, and also the first to be on production among the 2007 bid rounds.
The firm’s three projects, which will be ready for unveiling at the technical start up taking place June 10, 2019, is expected to contribute significantly to Nigeria’s industrialisation and economic growth on the highway one part and empowerment of the host and impacted communities.
The former Minister of State for Petroleum Resources, Ibe Kachikwu, had last February announced plans to recover the oil licenses of the companies indebted to it.
Kachikwu expressed worry that some of the companies have failed to make statutory remittances in spite of being in Joint Operatorship (JV) with the Federal Government, a development he said was denying it revenue running into billions of dollars.
Trending
- Yahaya Bello: Tread softly, Arewa group tells EFCC
- Ondo 2024: 171,922 accredited for APC primaries
- Intimate Affairs: Assisted fatherhood, by Funke Egbemode
- NGE, UNICEF sign MoU to boost advocacy for children’s rights
- Killings: No sane foreigner will invest in Nigeria — TY Danjuma
- Alake backs Oyo’s quest for mining licences
- Plateau: Police release casualty figures in latest gunmen attack
- Yahaya Bello: Tread softly, Arewa group tells EFCC