The Department of Petroleum Resources has revoked five Oil Mining Licences and one Oil Prospecting Licence belonging to five companies .
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 )
Summit Oil is owned by the family of late Chief M . K. O . Abiola .
The News Agency of Nigeria reports that Pan Ocean hopes to commence the production of oil and gas from OML- 147 at Owa Aladima .
The former Minister of State for Petroleum Resources , Mr. Ibe Kachikwu , had last February announced plans to recover the oil licenses of the companies indebted to it .
He expressed worry that some of the companies have failed to make statutory remittances in spite of being in Joint Operatorship with the Federal Government , a development he said was denying it revenue running into billions of dollars .
Remember:Enter your email address to subscribe to this blog and receive notifications of new posts by email. Advertise with us. Send us enquiries , press release.