The federal government has revoked the oil mining licences of five companies and one oil prospecting licence.
The revocation of oil licences was issued today.
The department of petroleum resources said that the revocation was based on a presidential directive to recover legacy debts owed by the companies operating the licences.
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Companies affected include 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).
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