Pan Ocean Commits to the Smooth Transfer of OML 98

Source Press Release
Company Pan Ocean Oil CorporationNNPC 
Tags Asset Deals, Deals, Upstream Activities
Date February 18, 2020

The equity and economic interests of all stakeholders will be protected as Pan Ocean Oil Corporation (Nigeria) Limited hands over OML 98 to the Nigerian Petroleum Development Company (NPDC) Ltd. The Board and Management of Pan Ocean have reiterated commitment to the smooth transfer of OML 98 to the NPDC.

As an organisation with over 40 years’ experience in oil & gas exploration and production, Pan Ocean has engaged in economic activities in OML 98, creating employment, contributing to the development of critical oil and gas assets and improving the quality of life in neighboring communities.

Notwithstanding the asset transfer, Pan Ocean’s midstream assets- Ovade Ogharefe Gas Processing Plant and Amukpe Escravos Pipeline will be critical to continuous development of OML 98. Pan Ocean remains committed to the welfare of her employees, the safety and sustainability of operations and the growth of the Nigerian economy. As the ownership of OML 98 changes, Pan Ocean will work with all stakeholders to assure that operational activities at OML 98 are not hampered in any way.

The board and management of Pan Ocean equally acknowledge the steadfast support of the Honorable Minister of State for Petroleum Resources, Chief Timipre Sylva, the Nigerian National Petroleum Corporation (NNPC) and the Department of Petroleum Resources for the support and responsiveness shown during the transfer process period.
Pan Ocean is optimistic about the future and will be focused on new opportunities and frontiers.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd