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UPDATE 1-Nigerian petroleum regulator revokes six oil block licences

Published 06/06/2019, 12:10
Updated 06/06/2019, 12:20
UPDATE 1-Nigerian petroleum regulator revokes six oil block licences

(Adds details)
LAGOS, June 6 (Reuters) - Nigeria's petroleum regulator has
revoked six oil block licences due to "legacy debts", it said in
a public notice on Thursday.
The notice, carried in some Nigerian newspapers, said the
move by the Department of Petroleum Resources was "in
furtherance of the presidential directive".
The action comes as Nigeria takes a more aggressive approach
to collecting taxes and royalties that the country says it is
owed. Oil industry sources said Nigeria has also been
increasingly vocal about rescinding licences that are not being
actively developed. The notice said oil mining lease (OML) 98 was revoked from
Pan Ocean Oil Corporation, OML 120 and 121 from Allied Energy
Resources Nigeria Limited, OML 108 from Express Petroleum & Gas
Company Limited and OML 110 from Cavendish Petroleum Nigeria
Limited.
The notice also said oil prospecting licence (OPL) 206 was
revoked from Summit Oil International.
Details of the size or value of the blocks were not
immediately available.
A spokesman for the president declined to comment. A
petroleum ministry spokeswoman did not immediately respond to a
request for comment.

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