President, Mohammadu Buhari has said that with effect from 2019, existing oil licensees will not be renewed by the Federal Government of Nigeria and its Public Corporations. No reason has so far been given for this development, but sources within the Presidency reportedly revealed that the move is in keeping with this electioneering campaign promises, to redistribute income and bridge the gap between the extreme rich and the poor.
The Federal Government has asked the Nigerian National Petroleum Corporation (NNPC) to take operatorship of OML 11 from the end of next month possibly to forestall disruption of oil production in the Niger Delta.
The directive was companied in a statement issued and addressed to the corporation’s Group Managing Director of NNPC, Dr. Maikanti Baru, by the Chief of Staff to the President, Abba Kyari.
The facility, earlier operated by Shell Petroleum Development Company (SPDC), lies in the southeastern axis of the region and contains 33 oil and gas fields. Eight of them have been producing from 2017.
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