Nigeria revokes 31 exploration licenses

Thirty-one Nigerian exploration licenses were revoked last week in another cleanup exercise to revamp the domestic oil sector. Sixteen licenses were lost last July in a similar exercise, although eight of these may soon be restored.The companies that had their licenses revoked last week are believed to be part of a group of 48 operators that were awarded concession areas during 1990-94 but allegedly failed to execute agreed work programs. Those companies will be free to compete in Nigeria's newest licensing round, which will be held this month.In a new twist, the Nigerian government has also indicated that it may acquire interests in indigenous companies that have made large discoveri...

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