The massive investment that Pan Ocean, a leading indigenous oil and gas sector player has made in its Amukpe-Escravos Pipeline Project (AEPP) is set to begin to pay off in 2019 and beyond as the project enters completion stage.
The 67-kilometer pipeline project was jointly initiated by state-owned oil company, the Nigerian National Petroleum Corporation (NNPC) and Pan Ocean. When complete, it will boost the capacity of crude oil producers to export, especially from Nigeria’s mid-western Niger Delta area and strengthen oil sector related infrastructure.
Started by Pan Ocean seven years ago under the leadership of company managing director, Dr Festus Fadeyi, the project has already gulped several million dollars in finances made available by a consortium of Nigerian banks led by Polaris Bank Limited (former Skye Bank Plc).
Implementation was carried out by various indigenous Nigerian oil services firms as the project is supposed to be a symbol of local content and capacity.