SWITZERLAND, JUNE 07 – On Thursday, the Department of Petroleum Resources revoked five Oil Mining Licences and one Oil Prospecting Licence belonging to five companies owned by some of the richest people in Nigeria, including late M.K.O Abiola.
In a public notice issued on Thursday by the regulatory body, the DPR said 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)
Today’s Echo presents the faces behind these companies below:
Pan Ocean (OML 98): Festus Fadeyi
Pan Ocean Oil Corporation (Nigeria) Ltd. was incorporated in 1973. Its Oil Prospecting License OPL – 71 was converted to Oil Mining license OML-98 on December 01, 1975. Crude oil production commenced in August 1976 In 2007, Pan Ocean purchased another block, OPL 275 to be developed. Pan ocean is owned by Festus Fadeyi
Cavendish Petroleum (OML 110): Ibrahim Mai Deribe
Cavendish oil is owned by Ibrahim Mai-Deribe, a conservative billionaire from Borno state. It was one of the blocks awarded by late dictator, Sani Abacha.
Summit Oil (OPL 206): MKO Abiola
Summit Oil Limited was founded in 1990 by late Chief Moshood Abiola. OPL 205, located largely in the Anambra Basin on the north edge of the Niger Delta, was granted to Summit in 1990.
Allied Energy Resources (OML 120 and 121): CAMAC International
Allied Energy Resources is a subsidiary of CAMAC International Limited, which has stakes in OMLs 120 and 121. The famous Oyo offshore oil field is located in OML 120. CAMAC is headquartered in Houston and maintains offices in London, Lagos, Abuja and Johannesburg According to Wood Mackenzie, Oyo has not performed according to expectations.
Express Petroleum and Gas (OML 108): Alhaji Aminu Dantata
Express Petroleum and Gas is a private company based in Nigeria and linked to the rich, powerful Dantata family in Northern Nigeria. They have a stake in block OML 108. Express Petroleum was granted OPL 108 and 227 for 20 years on November 1, 1995, and has as directors Ahmadu Rufai Dantata, Tajudeen Dantata, Dalhatu Gwarzo, Lawan Omar with Aminu Alhassan Dantata as chairman.