Buhari revokes oil licences of five companies
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).
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