Five days to June 12 when his annulled June 12, 1993 presidential candidate will be marked nationwide as Democracy Day, the oil licence of Summit Oil, a company established by the late MKO Abiola, has been revoked.
The Department of Petroleum Resources (DPR) carried out the revocation of five oil mining licences (OML) and one oil prospecting licences (OPL) belonging to five companies, among them, Summit Oil. This was contained In a public notice issued by the regulatory body on Thursday.
According to DPR the revocation was based on 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).