Thursday 12 March 2015

FG LOSES REVENUE TO NON-RENEWAL OF OIL LICENCES

Minister of Petroleum Resources, Mrs. Diezani Alison-MaduekeThe 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.
 
The IOCs have, however, continued to produce from the Oil Mining Licences, some of which expired seven years ago.
 

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