The Department of Petroleum Resources (DPR) has denied the claims by the Nigerian exploration and production (E & P) operators that the federal government lost an estimated $6 billion as a result of its poor administration of the licenses of the oil blocks sold by the international oil companies (IOCs) between 2010 and 2015, THISDAY reports.

According to the statement, DPR is not involved in the tendering process for divestment of assets held by the IOCs or any other company and only requests for a premium from such transaction that is due to the federal government, which is determined by the Minister of Petroleum Resources pursuant to Paragraphs 14-16 of the First Schedule to the Petroleum Act, 1969.

The agency further clarified that it has over the years provided effective regulatory oversight for the oil and gas industry in Nigeria and pursuant to this, issued in August 2014 “Guidelines and Procedures for obtaining minister’s consent to the Assignment of Interest in oil and gas assets.”