FG revokes Pan Ocean, 5 others oil licenses

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The Department of Petroleum Resources (DPR) has revoked five Oil Mining Licences (OML) and one Oil Prospecting Licence (OPL) belonging to five companies.

DPR said on Thursday that 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)

The newsmen report that Pan Ocean hopes to commence the production of oil and gas from OML-147 at Owa Aladima.

OML 147 is one of the northern most development in the Niger Delta, and also the first to be on production among the 2007 bid rounds.

The firm’s three projects which will be ready for unveiling at the technical start up taking place June 10, 2019, is expected to contribute significantly to Nigerian industrialisation and economic growth, on the highway one part and empowerment of the host and impacted communities.

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