President Muhammadu Buhari has ordered the revocation five oil exploration licences (OML as well as one oil prospecting licences (OPL) issued to five companies by the federal government.
The Department of Petroleum Resources (DPR) made the revelation in a public notice issued on Thursday.
The DPR explained that the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences.
The five 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).