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 to hands off the assets.
The spokesman for the Department of Petroleum Resources DPR, Paul Osu, who did not directly confirm the development, requested time to establish the truth.
But he justified any decision to terminate the licences, stating that the companies had been offered enough time to turn the assets around.
Osu insisted that should the Federal Government revoke the licences, it was in the best interest of Nigerians, particularly as there was the urgent need to derive maximum value from available resources.
The licences were offered in 2013 and the companies were expected to bring the fields into production in five years, but they were offered extension.
Some of the operators contacted declined comment, stating that they would need to convene their boards before taking a stand.
