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NEWS EXPRESS is Nigeria’s leading online newspaper. Published by Africa’s international award-winning journalist, Mr. Isaac Umunna, NEWS EXPRESS is Nigeria’s first truly professional online daily newspaper. It is published from Lagos, Nigeria’s economic and media hub, and has a provision for occasional special print editions. Thanks to our vast network of sources and dedicated team of professional journalists and contributors spread across Nigeria and overseas, NEWS EXPRESS has become synonymous with newsbreaks and exclusive stories from around the world.
In its quest to recover long-standing legacy debts, the Department of Petroleum Resources (DPR) has announced the revocation of five oil mining licences (OML) and one oil prospecting licence (OPL) belonging to five companies.
The revocation was contained in a public notice issued on Thursday, even as the regulatory body said the action was in response to a presidential directive to “recover legacy debts” owed by the companies operating the licences.
The five companies affected are Pan Ocean Oil Corporation (OML 98); Allied Energy Resources Nigeria, (OML 120 and 121); Express Petroleum and Gas Company (OML 108); Cavendish Petroleum Nigeria (OML 110) and Summit Oil International (OPL 206).
Revocation of licences is the ultimate penalty taken by government against companies who default on royalty payments.
Experts say the Nigerian government, over the years, has not always be keen to wield the stick apparently due to insufficient political will.
Nigeria, perhaps, is the most lenient in Africa in unleashing the full weight of the law on oil acreage rent, especially when it concerns local Exploration and Production. (Daily Sun)
