By Yusuf Mutiu-Olaitan
August 22nd, 2024
Mr. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), has revealed that some Nigerians are holding oil block licenses as souvenirs and have failed to bring investment and maximize the gains in the field.
This much was said via a statement on Wednesday in Abuja while reacting to the challenges facing the oil sector.
He, however, warned that people with oil block licenses but are not exploring shall be penalized.
He further stated that only 10 companies out of the 60 companies that were issued licenses have attracted investment and started operation.
“I’ve always said if the upstream doesn’t succeed, the midstream and downstream will fail.
“And we have people who are holding licenses as souvenirs. If those people do not use the licenses given to them to be able to raise funds and then extract the crude oil from the soil, we better take it back from them”, he concluded.