The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, has refused to approve the extension of more than fifty expired oil licences.
He recently revealed that the licences are currently on his table, awaiting extensions.
Speaking at the PENGASSAN energy and labour summit in Abuja, Heineken Lokpobiri declared that despite awarding over sixty licences in a marginal bid round that happened a few years ago, fewer than six of them have actually invested in the assets ever since.