DPR revokes oil licenses of MKO’s company, 4 others

The Department of Petroleum Resources (DPR) on Thursday announced that it has revoked Oil Mining Licences and one Oil Prospecting Licence belonging to five companies.

One of the affected companies, Summit Oil (OPL 206), is owned by the family of late Chief M.K.O. Abiola.

The details of the decision was contained in a public notice issued on Thursday by the regulatory body.

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According to DPR, the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences.

Other companies affected include, Pan Ocean Oil Corporation (OML 98); Allied Energy Resources Nigeria (OML 120 and 121); Express Petroleum and Gas Company (OML 108) and Cavendish Petroleum Nigeria (OML 110)

Meanwhile, there are reports that Pan Ocean hopes to commence the production of oil and gas from OML-147 at Owa Aladima.

By Babatunde Alao…

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