The Group Managing Director of Polaris Bank Limited, Adetokunbo Abiru has visited Pan Ocean Oil Corporation’s OML-147 flow station at Owa- Alidinma and the Ovade-Ogharefe Gas Processing/LPG Propane Plant II, both in Delta state.
The multimillion-dollar projects which are slated for commissioning in the next few months are set to be game changers in the oil and gas industry. They will contribute immensely to national electricity supply and crude oil output when fully operational.
Under the leadership of Pan Ocean Oil Corporation’s Chairman/ Managing Director, Festus Fadeyi, OPL 275 (Oil Prospecting Lease 275) was converted to OML 147 (Oil Mining Lease 147) in 2014 to enable drilling for first oil and subsequent production. When full production commences, OML 147 is expected to attain peak output of 11,000 barrels of crude oil and 90 million standard cubic feet of gas per day.
On the other hand, the Ovade-Ogharefe Gas Processing Plant/LPG Propane Plant II will boost electricity supply in the country as it will serve as a close source of lean gas to the NIPP Power Plant sited at Ihobbor, Edo State. The facility will also supply LPG (Liquefied Petroleum Gas) to households across the country.
Speaking during the one-day facilities tour, Abiru, who was accompanied by Tutu Alu, Group Head Corporate Banking, Polaris Bank, said, “a lot of work and investment has gone into these projects, based on what I have seen. However, our priority at the moment is the commissioning and the cashflow that will follow.”
Source: Business Day