Pan Ocean Oil

What Pan Ocean Oil does

Pan Ocean Oil Corporation (Nigeria) Ltd. is a privately held Nigerian exploration and production company founded in 1973 and headquartered in Lagos, with operations concentrated in the Niger Delta. It is the first indigenous company to form a joint venture with NNPC and operates two upstream assets, OML 98 and OML 147, with associated production facilities. The company's business spans three integrated segments: upstream exploration and production (OML 98 and OML 147); midstream transportation via the 67km, 160,000 bopd Amukpe-Escravos Pipeline, which uses proprietary Continuous Horizontal Directional Drilling (CHDD) installation technology and accommodates neighboring producers on a tariff basis; and gas processing at the Ovade-Ogharefe Gas Plant, which expanded to 200MMSCF/D capacity in 2022 with cryogenic processing for lean gas (supplied to NIPP Power Plant), LPG, and NGLs.

The company generates revenue through three streams: crude oil production from its Niger Delta assets, midstream pipeline tariffs from third-party injectors, and gas processing and LPG sales to the domestic Nigerian market. Pricing is negotiated bilaterally through offtake agreements and is not publicly disclosed. Pan Ocean also operates RADA-AMS, an in-house Research and Data Analytics Asset Management Solution launched in October 2025, to support near real-time data-driven decision-making across operations. The Fadeyi family controls the company as part of the Newcross Group of Companies, with a board that was strengthened in May 2026 by the appointment of an Independent Non-Executive Director with prior Shell M&A and pension fund leadership experience. A planned 2024 divestiture of a 40% stake in the Amukpe-Escravos Pipeline was terminated, with AMCON and lender syndicate valuing that stake independently at $372-$641 million in 2025.

Name

Pan Ocean Oil

Legal name

Pan Ocean Oil Corporation (Nigeria) Ltd.

Website

https://panoceanoilnigeria.com

Company type

Private

Founded year

1973

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Pan Ocean Oil is a privately held Nigerian upstream and midstream energy company operating OML 98 and OML 147, the 67km Amukpe-Escravos Pipeline, and the 200MMSCF/D Ovade-Ogharefe Gas Plant.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration & Production

NAICS

Crude Petroleum Extraction (211120), Pipeline Transportation of Crude Oil (4861), Oil and Gas Extraction (2111)

SIC

Crude Petroleum & Natural Gas (1311), Pipe Lines (No Natural Gas) (4610)

akta.pro industry

PRIMARYEUALAAAF

Production Operations & Well Optimization (Artificial Lift, Flow Assurance)

Energy, Utilities & Environment/Oil & Gas (Upstream, Midstream, Downstream and Refining)/Upstream Exploration & Production (E&P)

SECONDARYTLAGAJAA

Crude Oil Field Gathering Systems

Transportation & Logistics/Pipeline Transportation/Pipeline Gathering Systems (Upstream Field Gathering)

Keywords

• Oil and gas exploration
• Upstream oil production
• Natural gas processing
• Crude oil pipeline transportation
• Midstream energy infrastructure

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Others

Revenue model

1. Oil and Gas Exploration & Production: Revenue from crude oil production from OML 98 and OML 147 assets. The company operates producing oil fields with existing infrastructure and is pursuing production ramp-up from underexploited fields.
2. Gas Processing and Sales: Revenue from the Ovade-Ogharefe Gas Plant supplying lean gas to NIPP Power Plant and LPG to the Nigerian market. Phase 2 expanded capacity to 200MMSCF/D.
3. Pipeline Transportation Tariffs: The Amukpe-Escravos Pipeline accommodates other neighboring producers (injectors) on basis of a tariff, providing diversified revenue streams from midstream infrastructure.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Pan Ocean Oil Corporation (Nigeria) Ltd. is an upstream and midstream energy company engaged in crude oil exploration and production from OML 98 and OML 147 concessions in the Niger Delta, natural gas processing at the Ovade-Ogharefe Gas Plant (200MMSCF/D capacity), and crude oil transportation through the 67-kilometre Amukpe-Escravos Pipeline (160,000 bopd capacity) using CHDD installation technology. The company operates in a joint venture with NNPC and serves power plants, domestic LPG buyers, and neighboring oil producers on a tariff basis.

Product overview

Pan Ocean Oil Nigeria operates as a diversified energy company offering integrated oil and gas services through its core business units: Exploration & Production (E&P) for upstream operations in the Niger Delta, the Ovade-Ogharefe Gas Plant for natural gas processing and LPG production, the Amukpe-Escravos Pipeline for crude oil transportation, and RADA-AMS for digital asset management solutions. The portfolio spans from exploration to production to midstream infrastructure, providing diversified revenue streams across the oil and gas value chain.

Differentiator

Problem solved

Functional benefit

Brands

• RADA-AMS: Asset Management Solution developed by the Research and Data Analytics team to optimize technology and data in decision-making for oil and gas operations.
• RADA

Products and services

• Exploration & Production (E&P) Core upstream operations including oil field development, production activities, and asset management spanning the Niger Delta region with OML 98 and OML 147 assets, operated in a joint venture with NNPC.
• Ovade-Ogharefe Gas Plant (OOGP) Natural gas processing facility with 200MMSCF/D capacity supplying lean gas to the NIPP Power Plant and producing LPG and NGL streams for the domestic Nigerian market, incorporating cryogenic processing for bone-dry gas.
• Amukpe-Escravos Pipeline (AEPP) 67-kilometre, 20-inch crude oil pipeline with 160,000 bopd capacity using Continuous Horizontal Directional Drilling (CHDD) technology to transport Pan Ocean crude oil and accommodate neighboring producers on a tariff basis as an alternative export route.
• RADA-AMS (Research and Data Analytics Asset Management Solution) Digital asset management solution integrating data acquisition and analytics to streamline asset management workflows, ensure near real-time data democratization, and enhance data-driven decision-making across oil and gas operations.

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered minor, core and flagship.

• Conpurex LimitedminorOthers · 1 October 2024Conpurex Limited was the target of a planned divestment of Pan Ocean's 40% stake in the Amukpe-Escravos Pipeline. The $243 million transaction was formally terminated in October 2024 due to governance concerns, leading to the current dispute.
• Platform Petroleum LimitedcoreStrategic or Co-development Partner · 1 January 2007Newcross Petroleum (affiliated company) acquired 40% participating interest in Egbaoma Marginal Field (OML 38) operated by Platform Petroleum. The collaboration achieved over one million person-hours with no Lost Time Injuries. Also partnered on Ase River Transport Limited (ARTL) for crude oil transportation.
• NNPC (Nigerian National Petroleum Company Limited)flagshipStrategic or Co-development PartnerPan Ocean was the first indigenous company to form a joint venture with NNPC in 1973. The partnership covers oil exploration and production operations including OML 98 (converted from OPL-71 in 1975) and the 2007 PSC arrangement on OPL 275 (now OML 147). This joint venture has been the cornerstone of Pan Ocean's operations for over 50 years.
• NIPP (Nigerian Independent Power Project)coreStrategic or Co-development PartnerThe Ovade-Ogharefe Gas Plant supplies lean gas to the NIPP Power Plant at Ihobbor, Edo State. This partnership supports Nigeria's power generation objectives and provides stable revenue from gas sales.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Aiteo Eastern Exploration & Production: Nigerian indigenous E&P operating the OML 29 NNPC JV (notably the Nembe Creek trunk line). Highly comparable to Pan Ocean as an NNPC joint-venture partner operating onshore production and midstream evacuation infrastructure in the Niger Delta.
• Oando Energy Resources: Nigerian integrated energy company with upstream production interests in the Niger Delta and downstream/marketing exposure. Comparable to Pan Ocean in serving as an indigenous NNPC counterparty for onshore oil & gas operations.
• ND Western: Nigerian indigenous E&P company operating shallow offshore/onshore assets with NNPC JV interests in the Niger Delta. Comparable as a privately-held indigenous NNPC joint-venture partner.
• Seplat Energy: Leading Nigerian independent E&P with dual-listing on NGX and LSE; operates onshore Niger Delta blocks in JV with NNPC. Directly comparable to Pan Ocean as a publicly traded indigenous NNPC joint-venture partner producing crude oil and operating gas processing assets.
• First Exploration & Petroleum Development: Privately-held Nigerian E&P focused on marginal field development and production in the Niger Delta with NNPC partnerships. Highly comparable as an indigenous producer operating in the same basin and regulatory environment as Pan Ocean.
• Waltersmith Petroman Oil: Nigerian indigenous E&P operating marginal fields and OMLs under NNPC JV arrangements including refining. Directly comparable mid-sized indigenous producer with similar customer base (NNPC, offtake traders, domestic refiners).
• Sahara Group (Asharami Energy): Nigerian integrated energy conglomerate with upstream interests, trading, and power operations. Comparable to Pan Ocean in combining indigenous upstream production with downstream/power offtake exposure.

Broad incumbents

• Shell Petroleum Development Company of Nigeria: Major IOC operating extensive onshore Niger Delta JV blocks with NNPC. Comparable to Pan Ocean on asset type (oil fields, gas processing, pipelines) but at much greater scale and as a multinational operator with broader portfolio.
• NNPC Limited: Nigeria's state-owned national oil company and Pan Ocean's joint-venture partner. Comparable in operating upstream production across Nigeria but is the dominant national incumbent rather than an indigenous private operator.
• TotalEnergies EP Nigeria: Major IOC operator of offshore/onshore Niger Delta blocks (e.g., OML 130). Comparable to Pan Ocean on upstream operations and gas commercialization within Nigeria but as part of a global portfolio of a supermajor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/poocng

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pan Ocean Oil