Documents reviewed by this newspaper show that the proposed sale, involving Continental Oil and Gas Limited and a later entrant, Conpurex Limited, was formally terminated in October 2024 following missed payment obligations, unresolved breaches, and attempts to alter agreed terms in ways that would have reassigned core risks to the seller.

Despite this clear ownership structure on paper, multiple claims and transaction pathways have emerged over time, creating uncertainty about legitimate rights and interests in the asset. What initially began as a debt recovery process linked to Pan Ocean’s financial obligations has gradually evolved into a broader dispute over transactional interpretations and ownership expectations.

Ojulari attributed the production growth to the establishment of an integrated energy security framework for pipelines in the Niger Delta, noting that the success was the result of deliberate and coordinated efforts rather than chance.

According to REA, the firms received ₦7.95 billion and ₦1.056 billion respectively for mini-grid projects in communities across Taraba, Kwara, Kogi, and Niger states. The funding is aimed at expanding access to reliable and sustainable electricity in underserved areas.

In a statement personally signed by the Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, the Commission announced the figures as Nigeria’s official national petroleum reserves position for 2026.