Stakeholders have urged the Federal Government to initiate a new competitive bidding process for the planned sale of a 40 per cent interest in the Amukpe–Escravos Pipeline, while opposing efforts to resurrect an earlier transaction that had already been terminated.
Amid growing concerns, stakeholders are urging a fresh valuation to establish the true worth of the disputed asset, citing the possible impact of the outcome on investor confidence in Nigeria’s oil and gas industry.
The Amukpe–Escravos Pipeline, which runs from Amukpe in Delta State to the Escravos export terminal in Warri, is jointly owned by Pan Ocean Oil Corporation, which holds 40 per cent, and NNPC Exploration & Production Limited, which controls the remaining 60 per cent.
The asset, with a transportation capacity of about 160,000 barrels per day, has become a strategic crude evacuation route in the western Niger Delta since it became operational in 2022 and has reportedly maintained operational uptime above 95 per cent.
It was learnt that the proposed sale of Pan Ocean’s 40 per cent stake is tied to a debt restructuring and recovery arrangement involving lenders and the Asset Management Corporation of Nigeria, under which proceeds from the disposal are expected to be used to settle outstanding obligations.
