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Pan-Ocean CEO, Pres. Lyons cites caution, diligence as keys to African success

Oil & Gas Journal

Meanwhile, the company also has participated in the Songo Songo natural gas development, pipeline, and gas-fired power project in Tanzania (OGJ Online, Oct. 23, 2001). It disclosed in February that its board approved a restructuring of Pan-Ocean assets that would lead to the company distributing its Tanzanian assets to Pan-Ocean shareholders as equity in a new, separately managed public company. "The rationale for the restructuring is to allow the two companies to focus on their respective core businesses and to enhance access to capital for the new company that will hold the Tanzanian assets," the company said at the time.

Gabon choice
Lyons said he visited more than half the countries in sub-Saharan Africa before choosing Gabon as the ideal place for a small producer to set up shop. He says the same cautious approach should apply to any country in West Africa, and stresses that each one is different.

The Pan-Ocean CEO says any company considering a similar move should be prepared for a long haul and a slower development process than in a North American setting.
"I don't think there is such a thing as an overnight international success story. It just doesn't exist. It's an oxymoron," Lyons says.