Abuja - The delay in the renewal of expired onshore and shallow-water licences held by International Oil Companies is said to be denying the Federal Government additional revenue at a time that its resources are fast shrinking, Punch reports.
The IOCs have, however, continued to produce from the Oil Mining Licences, some of which expired seven years ago.
Oil majors, including Total, Shell and Eni have yet to get their expired licences renewed, according to industry sources.
Also read: Reps probe oil company failure to compensate community
The company, in its 2013 annual report, said it had satisfied all the requirements of the Nigerian Petroleum Act to be entitled to an extension of the licences.
Read more at Punch
- News 24