Some top oil companies in Nigeria have seen their licence revoked due to what has been termed legacy debts.
The Department of Petroleum Resources (DPR) revoked the licence which are both oil mining licences (OML) and oil prospecting licence (OPL).
A statement released by the agecy on Thursday June 6th, said the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences.
According to the statement, the five companies affected are Summit Oil International (OPL 206), Express Petroleum and Gas Company (OML 108), Cavendish Petroleum Nigeria (OML 110), Pan Ocean Oil Corporation (OML 98) and Allied Energy Resources Nigeria, (OML 120 and 121).
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