FG Revokes 11 Oil Mining Licences As Revenue Shrinks - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
April 8, 2020
The Federal Government has revoked the mining licences of about 11 oil and gas companies operating in the marginal fields.
A Source said the companies were served letters tohands off the assets.
The spokesman for the Department of PetroleumResources DPR, Paul Osu, who did not directly confirm the development, requestedtime to establish the truth.
But he justified any decision to terminate thelicences, stating that the companies had been offered enough time to turn theassets around.
Osu insisted that should the Federal Governmentrevoke the licences, it was in the best interest of Nigerians, particularly asthere was the urgent need to derive maximum value from available resources.
The licences were offered in 2013 and the companieswere expected to bring the fields into production in five years, but they wereoffered extension.
Some of the operators contacted declined comment,stating that they would need to convene their boards before taking a stand.