Six oil companies lost their licences yesterday.
The Department of Petroleum Resources (DPR) announced the revocation of six Oil Mining Licences (OML).
In a public notice, the regulatory body, the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences.
The companies 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 late Chief M.K.O. Abiola.
It was learnt that Pan Ocean plans to commence the production of oil and gas from OML-147 at Owa Aladima.
OML 147, in the Niger Delta, is the first to be on production among the 2007 bid rounds.
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The firm’s three projects which will be ready for unveiling at the technical start up taking place on June 10 is expected to contribute significantly to industrialisation and economic growth and empowerment of the host and impacted communities.
In February, former Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, announced plans to recover the oil licenses of the companies indebted to it.
He expressed worry that some of the companies had 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.
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