VISION: To be a highly competitive world class indigenous company driven by professionalism, integrity and tenacity.
MISSION: To use innovative technologies to maximize employee productivity and improve overall efficiency through team work, driven
by strong ethics, safety and environmental activity.
HISTORY
Pan Ocean Oil Corporation (Pan Ocean) was incorporated as an Exploration and Production company in 1973. Soon after, Oil
Prospecting License (OPL) 70/71 which was originally granted to Delta Oil Company was farmed out to Pan Ocean Oil Corporation
Incorporated of New York. 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.
Through strategic planning, aggressive exploration and production activities and tenacity, Pan Ocean acquired the Oil Prospecting
License 275 during the 2008 bid round. In 2009, Pan Ocean signed a Production Sharing Contract (PSC) with the NNPC on Oil
Prospecting License (OPL) 275.
OUR BUSINESS
Exploration and Production
Pan Ocean commenced crude oil production at the Ogharefe field (OML 98) with an initial production of about 11,000bpd in 1976. The
field penetrates several formations including the Benin, Agbada and Akata formations.
Pan Ocean started production in 1976, with cumulative oil production
amounting to about forty five million barrels from the thin reservoir
sands associated with the Northern Depositional Belt of the Niger
Delta. Over 47 wells have been drilled in OML 98. The company
acquired Oil Prospecting License 275 (OPL 275) during the 2008 bid
round. OPL 275 was contracted to Pan Ocean under a Production
Sharing Contract (PSC) with the NNPC.
Above: Arrival Manifolds for the various wells at Ovade-Ogharefe flowstation
Gas
The Ovade-Ogharefe gas processing plant is a trail
blazing initiative in gas development. Currently, the gas
plant is the largest carbon emission reduction project in
West Africa. The plant has a production design capacity
of 130MM SCF/D (million standard cubic feet per day of
The Ovade-Ogharefe Gas Processing Plant is designed to
provide for the allocated gas supply of 65mmcf/d to Egbin power station, a subsidiary of the Power Holding
Company of Nigeria (PHCN). The plant will further supply
LPG (liquefied petroleum gas) to the Nigerian domestic
market when fully completed. Pan Ocean signed the Gas
Sales
Aggregation
Agreement
with
the
Federal
Government and Egbin power station, subsidiary of PHCN
in June 2010.
Above: Ovade-Ogharefe gas processing plant
Community
Pan Ocean’s community relations strategy is hinged on one cardinal
principle – to improve the quality of life, and be a medium for development
and social change within and beyond its areas of operations.
Over the
years, Pan Ocean has made significant progress in contributing to the
improvement of the lives of the people who reside in the neighboring
communities. Pan Ocean is committed to maintaining a healthy balance
between its neighboring communities and operations by treating the
communities as an extension of the business. Pan Ocean supports various
Above: Ovade Clinic
community groups and funds a multitude of non-profit organizations. Health, Safety and Environment
Pan Ocean adopts a responsible and pro-active approach towards
safety and environmental management in relation to operations. Pan
Ocean is constantly working towards reducing operating costs and
promoting a healthy balance between the company’s operational
activities and the environment. Our health, safety and environment
policy remains solid in keeping the work place and our environment
hazard free. Above: Environment & Safety officials mobilising for a drill exercise