The Department of Petroleum Resources, DPR, has revoked the oil mining licences, OML, granted five companies.The revocation of oil licences was contained in a public notice issued on Thursday.
DPR explained that the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences. Companies affected include: Pan Ocean Oil Corporation ; Allied Energy Resources Nigeria, ; Express Petroleum and Gas Company ; Cavendish Petroleum Nigeria and Summit Oil International .
Source: News Formal (newsformal.com)
Policy somersault is bad for investor confidence. Let this not be politically motivated.
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