Relief may have come for holders of expired refinery licences as the Department of Petroleum Resources (DPR) on Tuesday said companies whose refinery project licences have become invalid could reapply for revalidation.
At least 32 refinery project licences issued to private investors had become invalid in the past three years.
In a statement by the DPR’s Head of Public Affairs, Paul Osu, the regulator explained that it has not revoked any licence, adding that refinery licence, like its other regulatory instruments, have validity periods for investors to attain certain milestones.
“This implies that after the validity period for the particular milestone, the licence becomes inactive until the company reapplies for revalidation to migrate to another milestone. This does not in any way translate to revocation of licence of the company,” the statement said.
The agency said it would continue to provide support to investors in the oil and gas industry in the country using its regulatory instruments of licences, permits and approvals to stimulate the economy and align with government’s job creation initiatives.