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Pan Ocean cancels plan to unveil assets

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Pan Ocean Oil Corporation has canceled its plan to unveil its three oil and gas projects on the instructions of the Department of Petroleum Resources (DPR).

The cancellation was made because two of the three assets are in an acreage (OML 98) whose license has been revoked by the Federal Government of Nigeria.

The assets include (1) The NNPC/Pan Ocean Ovade-Ogharefe Gas Processing Plant Phases I & II. (2) The Oil Mining Lease (OML) 147 Early Production Facility (Flow Station) at Owa-Alidinma, Delta state and (3) the Amukpe-Escravos Pipeline, a 67-kilometer crude oil export facility.

According to Africa Oil+Gas Report, sources revealed that “the so-called unveiling of the projects is illegal”.

Pan Ocean constructed the Amukpe-Escravos Pipeline to export crude oil from OML 98, but the company’s rights to crude production on that acreage had been revoked since April 2019. It is reported that Pan Ocean had lost the right to those crudes by June 10, 2019. The company also no longer have the permission of the Nigerian state to operate the Ovade-Ogharefe Gas Processing Plant Phases I & II.

Source Africa Oil Gas Republic
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