Six Oil Licences Revoked By President Buhari’s Government- Read to see why

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

The notice, which went viral quickly, 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 collect taxes and royalties that the country says it is owed. Oil industry sources said Nigeria has also been increasingly vocal about rescinding licenses 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The notice said oil mining lease (OML) 98 was revoked from Pan Ocean Oil Corporation, OML 120 and 121 from Allied Energy Resources Nigeria Limited, OML 108 from Express Petroleum & Gas Company Limited and OML 110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.

Jayson Oluwatimilehin
About Jayson Oluwatimilehin 56 Articles
Born and raised in the United States of America by Nigerian parents, Jayson Oluwatimilehin is an avid writer and Journalist with specialty in researching about the entertainment industry.

Jayson developed interest in Journalism after he finished his education from Mountain Top University in Nigeria, finishing with a first class in English Language and interned for a few media companies in Lagos and bagged a higher diploma from the Nigerian Institute of Journalism before joining Theelitepost's editorial team.

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