Nigeria’s leading indigenous energy, oil & gas company, Pan Ocean Oil Corporation, has named a new group managing director, Steven Fadeyi.
Dr. Festus Fadeyi, group chairman of the companies made the announcement in a statement signed by him. He also emphasized that the implementation of the succession plan is in line with Pan Ocean’s vision to deliver sustained returns to all stakeholders.
Said the Chairman: “I am pleased that in line with our goal to reposition the company to address the challenges within the energy sector, Mr. Steven Fadeyi has been appointed as the company’s new Group Managing Director, effective January 31, 2022. Concurrently, I have retired from my role as the Company’s Chairman/Managing Director and will now serve as Group Chairman to Pan Ocean and related companies.”
An experienced corporate lawyer with extensive international experience in energy and public policy across Europe, America & Africa, the new Group Managing Director, Mr. Steven Fadeyi, was until his new appointment, Executive Director of Pan Ocean Oil Corporation, Newcross Petroleum Limited and Newcross Exploration & Production Ltd.
The Board also approved the appointment of Dr. Bolaji Ogundare as the Group ExecutiveDirector and Dr. Jason Fadeyi as the Group Vice Chairman to Pan Ocean and related companies.
The new Group Executive Director, Dr. Bolaji Ogundare, was until his new appointment, the Managing Director of Newcross Petroleum Limited. Dr Ogundare joined Newcross Petroleum Limited in 2007 initially as a consultant and was named Managing Director a few years later.
The new Group Vice Chairman, Dr. Jason Fadeyi, is a physician by training a fellow of the American Academy of Paediatrics and a Member of the American Academy of Medicine. In the last ten years, Dr. Jason Fadeyi has engaged in strategic management consulting, working briefly at McKinsey & Company, before founding a major consulting firm in New York which focuses on strategic business issues in the oil & gas sector.
Dr. Jason was also an Executive Director in our Company’s Board of Directors of Pan Ocean Oil Corporation, Newcross Petroleum Limited and Newcross Exploration & Production Ltd.
Incorporated in 1973, Pan Ocean Oil Corporation (Nigeria) Limited was the first ever indigenous company in Joint Venture with the Nigerian National Petroleum Corporation(NNPC) since 1978, a history of more than 40 years!
The trail-blazing oil and gas conglomerate began production in August 1976 at the Ogharefe field of OML 98. As it began to grow in leaps and bounds, before the Nigerian market could prove readiness for clean energy transition, it embarked on a gas utilisation initiative in 1984.And by 2007, Pan Ocean had acquired the Oil Prospecting License (OPL) 275 as part of her drive to increase domestic gas consumption and to support the gas flare-out objective of the Federal Government.
Reputed as one of the top indigenous companies with a history of growth, Pan Ocean has leveraged built a dynamic organization alongside a responsible community development portfolio.