Legacy Debts: Federal Government Withdraws 6 Oil Block Licences - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
June 7, 2019
The Federal Government has withdrawn six oil blocklicences due to inheritance debts owed the federation.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 inmaintenance of the presidential directive on recovery of legacy debts owed thefederation in line with the Petroleum Act.
The notice puts to rest media reports earlier in theyear hinting that the government had revoked some oil licenses.
A DPR report of the industry in 2017 showed that PanOcean 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 wasongoing before the recent revocation adding that application had been made forthe lease renewal.