Suvarna Garge (Editor)

Addax Petroleum

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Covid-19
Industry  Petroleum industry
Website  Addax Petroleum
Type of business  Private
Products  petroleum, oil & gas
Founded  1994
Addax Petroleum httpsuploadwikimediaorgwikipediaen770Log

Addax Petroleum was created in 1994 and since August 2009 has been a subsidiary of the Sinopec Group, one of the largest oil and gas producers in China, the biggest oil refiner in Asia and the third largest worldwide. Addax Petroleum was founded in 1994 upon leading petroleum industry expertise and a deep-rooted understanding and respect for African cultures. Over the years, Addax Petroleum has evolved from a young pioneer into an established international oil and gas, exploration and production company focused on Africa, the Middle East and the North Sea.

Contents

History

Addax Petroleum was originally part of the Addax & Oryx Group of Companies (AOG) which was founded in 1987. In 1989 AOG embarked on an ambitious expansion programme with the aim of becoming a vertically integrated oil company focused on the African continent. This led to the creation of Addax Petroleum in 1994 by Marc Lorenceau, a partner from the AOG trading group. Addax's initial steps in the upstream business was the acquisition of the Espoir field offshore Ivory Coast that had been relinquished by Phillips in 1988. Four years later, Addax Petroleum sold its remaining equity in the Espoir field to CNR (Canadian Natural Resources). In 1998, as oil prices were dropping, Ashland Oil Nigeria was for sale as the company wanted to leave the country's upstream sector. Perenco appeared to be the best bidder for Ashland's assets. However, the bidding process was overturned and these assets were eventually awarded to Addax Petroleum for the official amount of twenty million US dollars. After the tragic death of Mr. Lorenceau in a ski accident in late 2001, Jean Claude Gandur became the company's Chairman and CEO until the takeover by the Sinopec Group in August 2009.

Chronology

  • 1994: Addax Petroleum founded. PSC for Espoir field in Ivory Coast
  • 1998: Acquisition of Ashland Nigeria assets. Company average production of 8,800 bopd
  • 1999: First drilling campaign in OML 123, offshore Nigeria
  • 2000: OML 123 Ebuguu Northeast discovery, offshore Nigeria
  • 2001: OML 123 Adanga South discovery, offshore Nigeria. Death of founder Marc Lorenceau.
  • 2002: Company average production of 40,000 bopd. Ngosso Concession Agreement signed, offshore Cameroon
  • 2003: OML 123 Oron West & North discoveries, offshore Nigeria. OML 124 drilling campaign, onshore Nigeria
  • 2005: Company average production of 75,000 bopd. First Oil in OPL90 (OML 126) Okwori field, offshore Nigeria. 3 PSCs signed in the Nigeria/São Tomé & Principe Joint Development Zone (JDZ). Farm-in Agreement signed on Taq Taq field, Kurdistan Region of Iraq (KRI)
  • 2006: Listing on the Toronto Stock Exchange (TSX). Acquisition of Pan Ocean Energy's assets, onshore and offshore Gabon
  • 2007: Company average production of 126,000 bopd. Addax Petroleum Foundation established. Listing on the London Stock Exchange (LSE)
  • 2008: PSC on Iroko licence signed, offshore Cameroon
  • 2009: Acquisition of Addax Petroleum by the Sinopec Group. First exports of crude from Taq Taq field, Iraqi Kurdistan
  • 2011: Company average production of 140,000 bopd. Acquisition of Royal Dutch Shell's upstream assets, offshore Cameroon. Sinopec-Addax Petroleum Foundation established
  • 2012: Creation of Talisman-Sinopec Energy UK Ltd joint venture company. Acquisition of Total S.A.'s interest in OML 138, deep-offshore Nigeria. Opening of Houston office, United States
  • 2014: OML-138 Total S.A.'s interest acquisition, fails to receive Nigerian's authorities approval.
  • Continuous production growth

    The Company's average daily oil production for 2011 was 140,000 bbl/d. Year-to-date average daily oil production as of Q3 2012 was 167,000 bbl/d (this figure does not take the Talisman-Sinopec Energy UK nor the OML 138 production figures into account).

    As part of its "Vision 500", Addax Petroleum aims to reach an average daily production of 500,000 barrels of oil by 2015. As of today, this figure is highly unlikely to be reached anytime soon.

    Addax Petroleum is currently the 2nd largest oil producer in Cameroon, the 4th largest in Gabon and the 5th largest in Nigeria.

    The TTOPCO Joint Venture company (together with Genel Energy) is the largest oil producer in Iraqi Kurdistan, while the newly created Talisman-Sinopec Energy UK Ltd Joint Venture company (in which Addax Petroleum holds 49%) is the 4th largest UK oil producer (2011 figures) with an output of approximately 70,000 bopd.

    Asset growth

    Addax Petroleum has a high quality asset base consisting of a number of onshore and offshore exploration, development and producing fields in Nigeria, Gabon, Cameroon and the Kurdistan Region of Iraq, as well as the UK North Sea's Continental Shelf.

    Corporate culture

    Addax Petroleum's motto is "Each step makes a difference and difference is our strength". The company motto reflects the fact that Addax Petroleum puts strong emphasis on cross-cultural management, as the company brings together employees from many different cultural backgrounds under Chinese management.

    References

    Addax Petroleum Wikipedia


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