The Federal Government has withdrawn six oil block licences due to inheritance debts owed the federation.
The Department of Petroleum Resources, DPR, Nigeria’s petroleum industry regulator in a public notice, said the move was in maintenance of the presidential directive on recovery of legacy debts owed the federation in line with the Petroleum Act.
The notice puts to rest media reports earlier in the year hinting that the government had revoked some oil licenses.
A DPR report of the industry in 2017 showed that Pan Ocean had been in a Joint Venture, JV with the Nigeria National Petroleum Company, NNPC in respect of OML 98.
According to the DPR report, the renewal process was ongoing before the recent revocation adding that application had been made for the lease renewal.