The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri has said that some people in the country are holding oil block licenses as souvenirs and have failed to secure investment or undertake exploration activities.
Lokpobiri disclosed this in a statement on Wednesday in
Abuja while speaking on the challenges the sector is experiencing.
He vowed that oil block licenses without exploration
activities will be revoked.
According to him out of the 60 licenses issued in the recent
oil block bidding, only 10 companies have successfully attracted investment and
started exploration.
“I’ve always said if the upstream doesn’t succeed, the
midstream and downstream will fail.
“And we have people who are holding licenses as souvenirs.
If those people do not use the licenses given to them to be able to raise funds
and then extract the crude oil from the soil, we better take it back from
them”, he said.
Recall that in May this year, the Nigerian government
commenced bidding for 12 oil blocks listed for sale.
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