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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.
Energy Inc. of the United States won the rights to these blocks and, in March 2006, the company signed a series of production-sharing agreements with the JDADA and several petroleum and gas companies, among which were Addax Energy Nigeria Limited, Addax Petroleum (Nigeria offshore 2) Limited, Addax Petroleum Resources Nigeria Limited, Sinopec ...
[citation needed] By the late 1990s, Gabon was producing 370,000 barrels of crude petroleum a day (bpd). [3] Perenco, Shell, and TotalEnergies controlled 75 percent of the nation's total oil production. [4] Gabon Oil Company was created in 2011 by presidential decree, and became the legal owner and manager of onshore and offshore petroleum in ...
He was chairman and CEO of Addax Petroleum until its takeover by Sinopec Group in August 2009 for US$7.3 billion. [6] [7] His new Toronto-listed oil company Oryx Petroleum held its IPO in 2013, and it is developing large oilfields in Iraqi Kurdistan. As of March 2015, his net worth was estimated at $2.1 billion. [6]
Owel–Linkso Group obtained approval from the Nigerian National Petroleum Corporation to progress the project in July 2010. The company had earlier signed a Heads of Agreement with Addax Petroleum Development (Nigeria) Limited, APDNL, in 2004, to develop and operate an LPG plant at Izombe in the OML 124 area.
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Addax Petroleum: Sinopec: China: Addax was one of 9 Canadian Fortune 2000 oil and gas companies in 2009. It was acquired by Sinopec for C$8.27 billion in June 2009 and approved by the Chinese government on August 12 that year. ATI Technologies: Advanced Micro Devices: United States
As it’s the case in neighbouring oil rich Oru West and Oguta LGAs, Oru-East has been proven rich in crude oil and gas. [4] As of 2010, production projection from Addax Petroleum, already operating in Njaba River basin under Oil Mining License, OML 124, [2] [5] was placed at about 15,000 to 20,000 barrels of oil per day from Awo-omamma in the council area.