Addax Company News
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West Africa FPSO Contract Extended
Thursday, July 23, 2020BW Offshore reported that it has secured a one-year contract extension.
FPSO Attack Bolsters Piracy Hotspot Reputation
Friday, July 10, 2020Take a look back at popular downstream-related articles on Rigzone from the past week.
Chinese-Owned Oil Firm Addax Shuts Offices After Swiss Bribery Case
Monday, August 07, 2017Chinese-owned oil firm Addax Petroleum is shutting its offices in Geneva, Houston and Aberdeen, a month after it agreed to pay 31 million Swiss francs ($31.85 million)to settle charges of suspected bribery of foreign officials.
North Sea Decom: 'Campaign Approach' Required to Drive Down Costs
Thursday, September 15, 2016Delegates to the Ext:end North Sea Late Life Summit hear that a campaign approach to decommissioning is needed as employment on decom projects is set to double in the North Sea over the next year.
Addax Extends Yinson's FPSO Charter Contract for $129M
Tuesday, October 20, 2015Addax extends the charter contract for FPSO Adoon with Malaysia's Yinson Holdings by 3 years for $129 million, with the vessel to continue work at the Antan field in Nigeria.
Addax Extends Charter of Yinson's FPSO Knock Adoon for $39M
Tuesday, October 21, 2014Addax extends contract with Yinson Holdings to charter FPSO Knock Adoon for work at the Antan field offshore Nigeria.
Iraqi Kurdistan's Largest-Producing Oilfield Working To Boost Output
Friday, August 15, 2014Oil production at Iraqi Kurdistan's largest-producing oilfield is set to rise to as much as 14,000 barrels per day by the end of the month.
BW Agrees Sendje Berge FPSO Extension with Addax
Wednesday, July 17, 2013BW Offshore agrees to extend Addax's use of the Sendje Berge FPSO vessel offshore Nigeria until 1Q 2004.
Addax: No Word from Gabon on License Renewal
Thursday, June 06, 2013Addax Petroleum says it has not received official notification from the government of Gabon of its intentioned not to renew one of its oil field licenses.
Talisman Finalizes $1.5B North Sea Deal
Monday, December 17, 2012Talisman announces the completion of a JV transaction with Sinopec subsidiary following the receipt of government and regulatory approval.
Etame Oil Production Commences
Thursday, December 09, 2010VAALCO Energy today provided an update on its horizontal development well (ET-7H) in a known separate fault block in the Etame field and on its exploration well (ETOMG-1) on the Omangou prospect, both wells located offshore Gabon.
Deepwater Pathfinder Wraps Up Drilling at Oki East Well
Friday, January 08, 2010ERHC Energy confirmed that Addax Petroleum, the operator of Nigeria-Sao Tome & Principe Joint Development Zone (JDZ) Block 4, has finished drilling the Oki East well.
VAALCO Buys More Time for Etame Permit Off Gabon
Tuesday, December 01, 2009VAALCO Energy has successfully negotiated an extension to its Etame Marin Exploration Permit offshore Gabon three years beyond the original expiration date of July 2011.
KNOC to Make $3.95B Bid for Canadian Oil Firm
Thursday, October 22, 2009Korea National Oil Corp. will buy Canada-based Harvest Energy Trust for $3.95 billion, in the largest acquisition of a foreign oil firm by a South Korean company.
Sinopec Acquires 100% of Addax Petroleum's Shares
Tuesday, October 06, 2009Sinopec's indirect and wholly-owned subsidiary has acquired all of the common shares of Addax Petroleum Corp.
Bayou Bend Inks Agreements for 3 Prospective Blocks in Kurdistan
Monday, August 31, 2009Bayou Bend has signed agreements for and acquired working interests in three separate exploration and development blocks with the Kurdistan Regional Government.
Deepwater Pathfinder Spuds Kina Prospect in JDZ
Wednesday, August 26, 2009Transocean's Deepwater Pathfinder drillship will commence Addax's exploration campaign in the deepwater Gulf of Guinea with the spudding of the Kina prospect in JDZ Block 4.
Afren Partners with Oriental, Addax for Okwok Offshore Development
Tuesday, August 25, 2009Afren entered into a Joint Venture Agreement with Oriental Energy Resources and Addax Petroleum Nigeria Offshore Limited for the development of the Okwok Field, offshore Nigeria.
Sinopec Eyes Addax Buy
Monday, August 24, 2009China Petroleum & Chemical Corp. (SNP), or Sinopec Corp., is considering buying Addax Petroleum Corp. (AXC.T) from its parent, as part of its effort to expand outside China, Chairman Su Shulin said in a press conference Monday.
Sinopec Closes China's Largest Overseas O&G Acquisition for $7.5B
Tuesday, August 18, 2009Sinopec has completed the acquisition of Addax Petroleum. The closing of this deal represents the largest successful acquisition of overseas oil and gas assets by a Chinese company.
Sinopec Takes Up Addax's Shares, Extends Offer for Remaining Shares
Monday, August 17, 2009Sinopec announced that 92.67% of Addax's common shares have been tendered to the offer dated July 9, 2009 made by Mirror Lake Oil and Gas Company Limited, Sinopec's indirect wholly-owned subsidiary.
China Cashes In On Overseas Shopping Spree
Friday, August 14, 2009Increasingly in need of fossil fuels to power its burgeoning economy, China has sought to acquire oil and gas access rights beyond its borders, snapping up additional reserves that span both hemispheres.
Sinopec Gets Go-Ahead from China to Acquire Addax
Tuesday, August 11, 2009Addax received confirmation from Sinopec that it has obtained all approvals required from the relevant Government Entities of The People's Republic of China in order to complete the acquisition of Addax.
Addax Petroleum Cites Strong Operating Cash Flows for 2Q
Monday, July 27, 2009"Record production performance and improved commodity prices have contributed to another quarter of strong operating cash flows and healthy netbacks," said Addax Petroleum's President and CEO, Jean Claude Gandur.
Addax Receives Letter from Kurdistan Regional Government
Wednesday, July 22, 2009Addax has received a letter from the Kurdistan Regional Government and has confirmation from Sinopec that receipt of this letter satisfies the condition to the offer to acquire the company.
Sinopec Commences Takeover Bid for Addax Petroleum
Thursday, July 09, 2009An indirect wholly owned subsidiary of Sinopec has commenced its offer for Addax Petroleum.
KNOC Loses Race for Addax, But Has Edge on China Peers
Thursday, June 25, 2009KNOC's reluctance to match Sinopec's bid for Addax may reflect a major advantage over its Chinese rival: the possibility of looking for acquisitions in the U.S.
Sinopec Unveils Takeover Offer for Addax Petroleum
Wednesday, June 24, 2009Sinopec will acquire all of the outstanding common shares of Addax Petroleum by way of a negotiated takeover bid.
Sinopec to Drill First Well in Nigeria-Sao Tome JDZ
Friday, June 19, 2009Sinopec will drill its first exploration well in the Nigeria-Sao Tome and Principe JDZ next month after a lengthy delay caused by a shortage of deepwater rigs.
Barrel of Oil for Sputtering M&A
Wednesday, June 10, 2009Amid rising energy prices, the sector's dormant mergers-and-acquisition market is waking up. About $10 billion of announced and rumored transactions has surfaced this week.
KRG Celebrates Historic Achievement with First Crude Oil Export
Tuesday, June 02, 2009The export of crude oil from the Tawke and Taq Taq fields represents a landmark accomplishment for the Kurdistan Region that will bring in much needed revenues for the people of Iraq.
Addax Petroleum, Genel Kick Off Exports from Taq Taq License
Monday, June 01, 2009Addax and its partner, Genel Energy, commenced the international export of oil from the Taq Taq license area in the Kurdistan Region of Iraq.
Addax Petroleum Changes Record Date for Dividend
Thursday, May 28, 2009Addax Petroleum announced that, further to the dividend declaration in the news release issued on May 13, 2008, the dividend record date has been changed to Monday, June 8, 2009.
Addax Seeks 2nd Partner for Iraq Taq Taq Oil Field
Wednesday, May 20, 2009Addax is seeking a second partner to join its development of the large Taq Taq oil field in Iraqi Kurdistan.
Baghdad Won't Pay Cos for Kurdish Oil Exports
Friday, May 15, 2009International companies that want to pump oil in the autonomous Kurdish region of northern Iraq won't be paid from federal revenues, Iraq's oil minister has said.
Addax Snaps Up Potential Interest in Ogueyi License Onshore Gabon
Thursday, May 14, 2009Addax has agreed to fund an exploration well in the Ogueyi license area, onshore Gabon, with the potential to earn a 50% interest in the license area.
Addax Posts Q1 Results: Exports Approved for Taq Taq, Drilling to Commence
Wednesday, May 13, 2009Addax's CEO, Jean Claude Gandur, said, "Addax Petroleum continues to deliver strong operating cash flows and healthy netbacks despite a significantly lower oil price environment."
Addax Receives Permission from Kurdistan Govt to Export Oil from Taq Taq
Monday, May 11, 2009Addax has received formal notification from the Kurdistan Regional Government of its decision to commence the export of crude oil from the Taq Taq Field.
Addax JV Carries Out Successful Appraisal Campaign in Taq Taq License
Wednesday, March 18, 2009Addax and its joint venture partner have achieved record aggregate test rates from its most recent appraisal well in its Taq Taq licence.
Addax Secures Deepwater Pathfinder Drillship for Kina Drilling
Wednesday, March 11, 2009Addax has secured the Deepwater Pathfinder drillship to commence its Block 4 exploration drilling campaign in the fourth quarter of 2009.
Addax Petroleum Achieves Record Performance in 2008
Wednesday, March 04, 2009For the year ended December 31, 2008, Addax Petroleum increased its net income to $784 million and increased its production to 136.5 million barrels per day.
Addax Increases 2008 Reserves, Production
Wednesday, February 04, 2009Addax Petorleum announced that the company experienced a 20% increase in Proved plus Probable oil reserves to 536.7 MMbbl, as well as a 23% increase in unrisked prospective oil resources to 2,772 MMbbl.
Addax Strikes Oil at Njaba 2 Well Onshore Nigeria
Wednesday, January 28, 2009Addax has made a significant onshore oil discovery from the Njaba 2 well currently drilling in the OML 124 license area in Nigeria.
Two Successful Delineation Wells Extend Ebouri Field Offshore Gabon
Friday, January 09, 2009Successful delineation drilling has extended the Ebouri field offshore Gabon and will subsequently boost the Etame Marin license's production volume.
Addax Adds to Interest in Gryphon Marin License Offshore Gabon
Friday, December 12, 2008Addax Petroleum has acquired an additional 18.75% interest in the Gryphon Marin license area bringing its total interest in the license area to 68.75%.
Unrest Costing Nigeria 397,697 B/D in Oil Output
Friday, December 05, 2008According to the Department of Petroleum Resources, unrest in the Niger Delta, the heart of Nigeria's oil industry, is costing 397,697 barrels of lost production a day.
Addax Increases Net Income by 103%
Monday, November 10, 2008Addax's net income in the third quarter of 2008 increased 103% to $248 million, compared to $122 million in the corresponding period in 2007.
Addax Adds Acreage, Deepwater Working Interest to 3Q Portfolio
Monday, November 10, 2008The third quarter continued an active new business program for Addax Petroleum with the addition of two new exploration license areas to the Corporation's property portfolio and the increase of the working interest in a deepwater license area.
Addax Successfully Appraises Taq Taq
Thursday, November 06, 2008Addax announced the successful appraisal of the Eocene Pila Spi formation in the Taq Taq field with the TT-11 appraisal and development well.
Addax Grabs Interest in Sangaw North License Area in Kurdistan Region
Thursday, October 09, 2008Addax has acquired a 33.33% interest in the Sangaw North Production Sharing Contract. The Sangaw North license area is operated by Sterling Energy plc and is southeast of the Corporation's Taq Taq field.