The Nigerian Extractive Industries Transparency Initiative (NEITI) has suggested that the licenses on oil block management granted some indigenous and international crude oil prospecting companies be revoked.
The agency made the recommendation in its latest Oil and Gas Industry Report for 2021, where it noted that no less than 23 oil blocks managed by the oil companies, failed to produce crude or were inactive in the year under review.
It also revealed that the blocks were under the crude oil Production Sharing Contracts (PSC) with the Nigerian National Petroleum Company Limited (NNPCL).
