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Oil Trading order at Lagos Nigeria | Price  , Information about Oil Trading Lagos in Nigeria, from Pan Ocean Oil Corporation (Nigeria), Ltd. . Trading of oil products | Allbiz
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    Description
    In 1970, the Oil Prospecting License (OPL 70/71) granted to Delta Oil Company was farmed out to Pan Ocean Oil Corporation Inc. of New York.

    On December 1, 1975, OPL 70/71 was converted to Oil Mining Lease 98 (OML 98) and crude oil production commenced in August 1976 at the Ogharefe field of OML 98.

    Pan Ocean has increased its oil production from 4,000 to 42,000 barrels per day (bpd).

    In 2007, Pan Ocean purchased another block, OPL 275 which shall be developed as a Product Sharing Contract (PSC). When OPL 275 comes on stream, it will increase the present production volumes.
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