Photo: Pixabay
Photo: Pixabay

Nigerian petroleum regulator revokes six oil block licences

By Alexis Akwagyiram and Christian Merenini Time of article published Jun 6, 2019

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LAGOS – Nigeria’s petroleum regulator has revoked six oil block licences due to “legacy debts”, it said in a public notice on Thursday.

The notice, carried in some Nigerian newspapers, said the move by the Department of Petroleum Resources was “in furtherance of the presidential directive”.

The action comes as Nigeria takes a more aggressive approach to collecting taxes and royalties that the country says it is owed. Oil industry sources said Nigeria has also been increasingly vocal about rescinding licences that are not being actively developed.

The notice said oil mining lease (OML) 98 was revoked from Pan Ocean Oil Corporation, OML 120 and 121 from Allied Energy Resources Nigeria Limited, OML 108 from Express Petroleum & Gas Company Limited and OML 110 from Cavendish Petroleum Nigeria Limited.

The notice also said oil prospecting licence (OPL) 206 was revoked from Summit Oil International.

Details of the size or value of the blocks were not immediately available.

A spokesman for the president declined to comment. A petroleum ministry spokeswoman did not immediately respond to a request for comment.


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