Pan Ocean, Allied Energy, Express Petroleum, Summit Oil, Cavendish lose oil license

Pan Ocean, Allied Energy, Express Petroleum, Summit Oil, Cavendish lose oil license

The Department of Petroleum Resources (DPR) has revoked five Oil Mining Licenses (OML) and one Oil Prospecting License (OPL) belonging to five companies namely 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).

In a public notice issued it issued on Thursday, DPR said the revocation was based on a presidential directive to recover “legacy debts” owed by the companies operating the licences.

Summit Oil is owned by the family of late Chief M.K.O. Abiola. Pan Ocean hopes to commence the production of oil and gas from OML 147 at Owa Aladima.

Early this year, the Federal Government announced plans to recover the oil licenses of the companies indebted to it, expressing worry that some of the companies have failed to make statutory remittances in spite of being in Joint Operatorship with the Federal Government.