Officials of the ministry of Petroleum Resources and National Petroleum Corporation are to meet with Pan Ocean Oil Corporation to resolve issues concerning OML 98

PAN Ocean Oil Corporation is likely to remain the operator of OML 98 Joint Venture, contrary to the reports that its license was revoked along with seven others including OML 98

OML 98 has a complicated history with joint venture patners which has lasted 40 years with the Nigerian National Petroleum Corporation and the Pan Ocean Oil Corporation.

Realnews reports that the ministry of petroleum resources and Pan Ocean are having talks to resolve issues of outstanding payment and projects in the joint venture and other assets within the OML 98.

A meeting has been scheduled for early next month between the official of government and Pan Ocean to resolve all the grey areas. to ensure smooth resolution.

OML 98 is located in the Northern Delta Depobelt, and in the northern fringe of Niger Delta Basin. OML 98 covers an area of 523 km² in Edo and Delta State. Fields within the block include the Ogharefe, Ologbo, Asaboro, Adolo, Owe, Ossiomo, Ona and Erimwindu fields. Pan Ocean commenced crude oil production at the Ogharefe field (OML 98) with an initial production of about 11,000bpd in 1976.

In December 1975, OPL 70/71 was converted to Oil Mining Lease (OML) 98. 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 per cent working interest in OML-98 while Pan Ocean has 40 per cent. – With reports from Independent

– Apr. 10, 2019 @ 18:45 GMT |