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Nigeria Cancelled Three Prospective Oil Leases

Nigeria has cancelled three lucrative oil concessions awarded to two Indian firms

Nigeria Cancelled Three Prospective Oil Leases

Nigeria has cancelled three lucrative oil concessions awarded to two Indian firms due to their failure to meet the requirements.

Sadiq Mahmoud, a senior oil official, in a statement said oil prospecting leases awarded to Essar Exploration and Production Limited and Sterling Global Resources limited in May 2007 were revoked because the firms did not meet the pre-qualification requirements.

The oil ministry could not immediately confirm the development, the latest in a series of investigations into oil concessions awarded during the era of ex-president Olusegun Obasanjo.

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