Oil & Gas

Our Operations and Investments in the Oil and Gas sectors cuts across the entire value chain of the industry from the Downstream Sector through the Midstream and to the Upstream Sector.

Downstream: Paragon’s Downstream activities include

• The Importation and supply of Petroleum Products such as Base Oils and Premium Motor Spirits (PMS) to the Nigerian National Petroleum Corporation (NNPC) and Pipelines and Products Marketing Company (PPMC);
• Product marketing and exportation of Petroleum products such as Automated Gas oil (AGO), Low Pour Fuel Oil (LPFO) and High Pour Fuel Oil (HPFO) from the Local Refineries to the International market.
• Crude Oil Export was supervised and managed for our Overseas Principal Coastal States Petroleum, Houston, Texas. The Crude Oil from this contract was either traded or refined in Coastal States Petroleum Refineries at Eaglepoint, Alabama or Aruba, Venezuela.

Paragon’s Midstream activities include

• The proposed establishment of a Crude Oil Refinery and Petrochemical Plant in Lagos State, Nigeria. This ongoing project, to be located around the coastal regions (for easy access to ocean transportation), already has a land allocation of approximately 1000 Hectares.
• The project is a Joint Venture between Paragon Holdings and the Lagos State Government, and would have a capacity of 50,000 bpd upon completion.

Current Status & Development Plans

• Feasibility studies have been conducted by Pace Consultants (now Jacobs Consultancy) of Houston, Texas.
• It is planned that the plant will be upgraded to 100,000 bpd in the subsequent Phase II Expansion Programme within 5 years of commencement of production.
• The Federal Government of Nigeria has recently updated its guidelines/policies for the Establishment of Refineries and is currently encouraging the Establishment of more Refineries of any capacity in the country.

Paragon’s Upstream activities include:

• Bidding for and subsequent allocation of Oil Prospecting License (OPL) 235 and 240 in March 1995 as well as OPL 314 in 1999. 

• Efforts were also geared towards farming-in into Marginal Fields and in 2002, and Paragon was pre-qualified to bid for the KE Marginal Field and had carried out some preliminary Works on the Field.

• In the meantime, The Group’s focus is currently in the Sub-Sahara African region and specifically in The Gambia and Federal Republic of Ghana, where Paragon is at various advanced stages of discussions with the respective Ministries of Petroleum Resources.