DPR Returns Revoked Oil Licence To NNPC

The Department of Petroleum Resources (DPR) has handed over the operations of Oil Mining Licence (OML) 98 to the upstream unit of the Nigeria National Petroleum Corporation (NNPC), Nigerian Petroleum Development Company (NPDC).

Speaking at the handover ceremony on Friday in Abuja, DPR Director, Sarki Auwalu, said the licence was revoked from its operators Pan Ocean oil corporation over non-remittance of royalties in 2019.

The DPR, however, warned the NPDC against defaulting in its responsibilities over the asset, noting that the decision to take it over from Pan Ocean was in the best interest of Nigerians.

Located in the onshore of Niger Delta, OML 98 is the only asset belonging to a Joint Venture (JV)  partners- NNPC and Pan Ocean Oil.

It was originally awarded to Pan Ocean in 1971 as OPL 71 and was converted into OML 98 in 1975.