The Division OF Petroleum Sources (DPR) has handed over the Oil Mining Licence (OML) 98 to the Nigerian Petroleum Improvement Firm (NPDC), the upstream unit of the Nigeria Nationwide Petroleum Company (NNPC).
That is coming nearly one 12 months after Pan Ocean Oil Company’s possession of the asset, together with the belongings of 5 different corporations, had been revoked for failing to fulfill up with its monetary obligations to the Federal Authorities.
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Talking on the handover ceremony in Abuja, the Director of the Division, Mr Sarki Auwalu Stated the choice to take over the asset from Pan Ocean was in one of the best curiosity of Nigerians.
“For OML 98, the choice was taken in equity to 200 million folks that they belief an organization to handle their enterprise they usually belief us to make sure that the enterprise is correct and it’s optimised.
“The file we’ve in DPR indicated that the reserve stood at 43 million barrels for oil and we’ve 20 million barrels for condensate and 393 billion commonplace cubic toes of fuel. We all know that earlier than the revocation that there’s a legacy debt of oil and fuel royalties, concession leases, fuel flaring penalty. This we anticipate to be settled by the earlier enterprise as a result of it’s a legacy debt.
“And that’s our work getting this for the 200 million individuals,” he said.
He expressed hope that each different challenge involving the revocation shall be solved amicably among the many three way partnership events to make sure that the asset works.