NIGERIA Invest in 2012-13 - Newsdesk Media

Pan Ocean Oil Corporation Nigeria Limited was incorporated as an Exploration
and Production company in 1973. In December 1975, OPL 70/71 was converted
to Oil Mining Lease (OML) 98.
Pan Ocean commenced crude oil production in August 1976 at the Ogharefe field
of OML 98 which is situated in the northern fringe of the Niger Delta region of
Nigeria. Pan Ocean has been in a Joint Venture with the Nigeria National Petroleum
Company (NNPC) in respect of OML 98. As a Joint Venture (JV) partner, the NNPC
has 60 percent working interest in OML 98 while Pan Ocean has 40 percent.
Pan Ocean commenced crude oil production at the Ogharefe field (OML 98) in
1976. Through strategic planning, aggressive exploration and production activities
and tenacity, Pan Ocean acquired the Oil Prospecting License 275 during the
2007 bid round. In 2009, Pan Ocean signed a Production Sharing Contract (PSC)
with the NNPC on Oil Prospecting License (OPL) 275.
In December 2009, Pan Ocean’s gas utilization policy attained the Federal
Government’s mandate requiring flares-out by all exploration and production
companies operating in the country. Pan Ocean’s Ovade-Ogharefe Gas Plant in
the Niger Delta, became operational in July of 2010 and blazed the trail when it
supplied lean gas to the NIPP Power Plant sited at Ihobbor, Edo State.
The Ovade-Ogharefe gas plant stands unrivalled in its pace setting achievements
as the largest Carbon Emission Reduction Project in West Africa to date.