Summit Oil International (OPL 206), owned by the late winner of the June 12, 1993 presidential election, Chief MKO Abiola, has lose its mining licenses to the Federal Government of Nigeria, FGN.
This development came as the Department of Petroleum Resources, DPR, revoked five oil mining licenses and one oil prospecting license belonging to five companies.
According to a public notice made available to the media on Thursday , the DPR explained that the revocation came on the basis of a presidential directive to “recover legacy debts” owed by the companies operating the licences.
Aside MKO Abiola’s oil firm, other companies affected are: Pan Ocean Oil Corporation (OML 98); Allied Energy Resources Nigeria, (OML 120 and 121); Express Petroleum and Gas Company (OML 108); and Cavendish Petroleum Nigeria (OML 110).
