Vunderkind
Social Member
The Federal Government is losing hundreds of millions of dollars to its failure to renew the leases of some oil companies which expired between three and four years ago.
The companies affected are Shell, Chevron and Total, all of which operate a joint venture partnership with the Federal Government.
How much a company pays on each lease depends on the reserve estimate of the lease, a source said.
According to another industry source, the evaluation of the leases for which licences were to be renewed have be completed by the Department of Petroleum Resources (DPR) since 2012 and submitted to the office of the minister of petroleum resources and nothing has been heard of the exercise since then.
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Source: #BusinessDay
