FG Withdraws Oil Licenses Of Pan Ocean, Four Others

The Department of Petroleum Resources (DPR) has withdrawn oil mining licences (OML) and oil prospecting licence (OPL) belonging to five companies.

The assets affected are OML 98 controlled by Pan Ocean; OMLs 120 and 121, held by Allied Energy Resources; OML 108, owned by Express Petroleum and OML 110, held by Cavendish Petroleum Nigeria.

The only affected OPL is OPL 206, held by Summit Oil International, a company founded by the late Moshood Abiola.

According to the petroleum regulatory agency, the decision to withdraw the licenses of the aforementioned Nigerian companies followed a presidential directive to “recover legacy debts” owed by the companies.