Pan Ocean stands tall amidst rumoured crisis

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Pan Ocean Oil Corporation (Nigeria) Limited is a major player in the oil and gas industry. The company’s chairman, Dr. Festus Fadeyi is a veteran in the industry and is recognized for a number of firsts in the industry, one of which is the Amukpe-Escravos Pipeline is a 67-kilometre X 20 inch, a low-risk underground pipeline that will evacuate crude oil from Amukpe to Escravos Export Terminal, with the capacity to deliver 160,000 barrels of oil per day.
Dr. Fadeyi continues to run Pan Ocean, an innovative oil exploration and production company which was incorporated in 1973.
Those familiar with the industry know that Dr Fadeyi is not a run-of-the-mill businessman. Under Dr. Fadeyi’s leadership, Pan Ocean was the first indigenous company in joint venture relationship with the national oil company of Nigeria, Nigeria National Petroleum Corporation. Pan Ocean is also among the leading exploration and production companies in Nigeria, and has continued to experience growth.

When Pan Ocean was floated, the resolve was to grow the business to the global scale and contribute to strategic industry assets in Nigeria. Though it looked an impossible task back then, Dr. Fadeyi was determined to pursue his ambition.

Today, the company is not only recognised around the world, its contribution to Nigeria’s oil and gas industry are well acknowledged globally. For instance, in 2017, one of Pan Ocean’s gas utilization projects was successfully registered under the United Nations (UN) Clean Development Mechanism (CDM) of the Kyoto Protocol.
However, typical of all successful men in history, Dr. Fadeyi is not insulated against challenges. It will be recalled that he once experienced a low moment in his business. At that time, many naysayers had predicted the collapse of his business empire.
But even in the face of it all, the shrewd businessman assured that “it is a phase that would fade away in no time.”
‘’Like other companies within and outside Nigeria, Pan Ocean is indebted to the financial system.
“As the tides of business demanded, Pan Ocean received funding from a number of banks in Nigeria to execute specific business expansion projects which are well documented and domiciled in Nigeria.

“However, the vagaries of the crude oil market made the timelines for settlement of funding partners linger. We are mindful of our obligations.

“Pan Ocean has continued to engage its financial partners, the Asset Management Corporation of Nigeria, AMCON as well as other relevant parties to resolve outstanding issues,” A source revealed.

Pan Ocean Oil has experienced rapid growth since its inception in 1973. The company has also contributed to the development of the communities in which it operates. “We strive to maintain a healthy balance between our host communities and our operations by treating the communities as an extension of our business; giving the communities a sense of belonging as stakeholders in our business and operations,” the company says on its website.

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