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By Glam & Essence

The Department of Petroleum Resources (DPR) has revoked five Oil Mining Licences (OML) and one Oil Prospecting Licence (OPL) belonging to five companies.
The regulatory body put out a public notice on Thursday, announcing the revocation,saying it was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences.
The affected companies are: Pan Ocean Oil Corporation (OML 98) owned by businessman Dr. Festus Fadeyi; Allied Energy Resources Nigeria (OML 120 and 121) owned by Nigerian-born United States-base International oil tycoon;Mase , Express Petroleum and Gas Company (OML 108) owned by Northern aristocrat, Aminu Dantata; Cavendish Petroleum Nigeria (OML 110) owned by Borno-born billionaire, Alhaji Zanna Mai Deribe and Summit Oil International (OPL 206) owned by the family of late Chief M.K.O. Abiola, but presently run by his eldest son, Kola Abiola.
Last February, Dr lbe Kachukwu, the immediate former Minister of State for Petroleum Resources, had announced plans to recover the oil licenses of the companies indebted to it.
According to him, some of the companies failed to make statutory remittances in spite of being in Joint Operatorship (JV) with the Federal Government, a development that was denying it revenue running into billions of dollars.
Summit Oil under Kola Abiola has been struggling for some time due to long standing debts.As a result,the company was slammed with a winding up petition over its alleged inability to fulfill its contractual obligation.
This led to the company being dragged before a Federal High Court in Lagos by Seistech Energy Company, who are demanding the winding up of Summit Oil on grounds of the latter’s alleged insolvency.
It was learnt that operations at the controversial OPL 206 has been left inactive until a subsidiary of Oando Plc came to the rescue for a while.
Pan Ocean Oil, the founder, Dr. Fadeyi has been in an age long legal battle with the family of the late Dr. Vittorio Lecca Ducagini Fabbri, the founder of Interocean Oil Exploration Company over the ownership of Pan Ocean Oil among other myriads of financial challenges.
Pan Ocean Oil had expressed hopes to commence the production of oil and gas from OML-147 at Owa Aladima.
The firm’s three projects billed to be ready for unveiling at the technical start up taking place June 10, is expected to contribute significantly to Nigerian industrialisation and economic growth, on the highway one part and empowerment of the host and impacted communities.
Most of these oil blocs came into private hands during military tenures,costing the states full control/ benefits of their resources.

Glam & Essence Magazine