The Department of Petroleum Resources (DPR) has transferred Oil Mining Licence (OML) 98 to the Nigerian Petroleum Development Company (NPDC) PetroleumResources NPDC OilBlocks Nigeria
DPR had earlier revoked the previously operated by Pan Ocean Oil Corporation and five others belonging to Allied Energy Resources Nigeria ; Express Petroleum and Gas Company ; Cavendish Petroleum Nigeria , and Summit Oil International .
In an event to transfer the asset, Director of DPR, Sarki Auwalu, who stressed that move was in the economic interest of Nigerians, especially the shareholders, stated that there are about 42 million barrels oil deposit in the block.He added that there are 20 million barrels of condensate as well as 393 billion standard cubic feet of gas.
“We are not for any legal battle. Everything can be settled with alternative dispute resolutions because we need our assets to work for the interest of stakeholders,” Auwalu stated, while urging investors to be proactive and always consider economic value.
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