The Department of Petroleum Resources (DPR) on Friday handed over operatorship of Oil Mining Licence (OML) 98 to the Nigerian Petroleum Development Company, NPDC, the upstream unit of the Nigeria National Petroleum Corporation (NNPC).
The transfer of the asset to the NPDC was sequel to the revocation of the licence from Pan Ocean Oil Corporation in 2019 over legacy debts.
Speaking at the handover ceremony in Abuja the Director/CEO of DPR, Sarki Auwalu said the decision to take over the asset from Pan Ocean was in the best interest of Nigerians.
He expressed hope that every other issue involving the revocation will be solved amicable among the joint venture parties and other stakeholders so as to make sure the asset works.
He warned the NPDC, the new operator of the oil block, against defaulting on the asset.
“If there any failure we will not hesitate to jail whoever is responsible,” Auwalu said.
The DPR had last year revoked five OMLs and one Oil Prospecting Licence (OPL) belonging to companies operating the licences.