Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on Africa and the Middle East. The Company has grown by acquiring under-developed properties in established basins and has increased its production by utilising advanced and proven technologies. We believe that our demonstrated technical expertise combined with our excellent operational reputation and strong community relationships throughout Africa and the Middle East make us well positioned to continue to grow our reserves and production.
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Cameroon
Country overview
The Republic of Cameroon is a unitary republic of central and western Africa. It is bordered by Nigeria, Chad, the Central African Republic, the Republic of Congo, Equatorial Guinea, and Gabon. Its coast lies on part of the Gulf of Guinea and the Atlantic Ocean. The country is divided into 10 semi-autonomous regions. “Cameroon” derives from Rio dos Camarões ("River of Prawns"), name given to the area by Portuguese explorers who reached the coast in the 1500s. The country is known for its geological and cultural diversity. Natural features include beaches, deserts, mountains, rainforests, and savannahs.
Cameroon enjoys political and social stability. This has permitted the development of agriculture, roads, railways, and large petroleum and timber industries.
The geographical conditions on the coast encourage extensive commercial cultivation of bananas, cocoa, palm oil, rubber and tea.Map of our assets
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Licence Areas
Offshore Cameroon, Addax Petroleum has various interests in several exploration and production blocks:
Addax Petroleum Cameroon Limited
Ngosso
The Ngosso licence area is located in the hydrocarbon prone Rio del Rey Basin, western offshore Cameroon. It lies adjacent to the shore in water depths of up to 8 m and it has similar operational and subsurface geological conditions to OML123 in Nigeria, which is located approximately 20 km to the west.
Description
- Covers an area of 117,100 acres (474 km2)
- Contains several hydrocarbon discoveries, but has not seen any exploration activities for some 20 years
In December 2002, Addax Petroleum signed an agreement with the Republic of Cameroon for the Ngosso licence area. Addax Petroleum is the operator of the Ngosso licence area, with a 60% interest.
A 213 km2 3D seismic acquisition was completed in early 2006, and Addax Petroleum performed detailed evaluation of the seismic data in 2007, identifying eight exploration prospects. Dredging work was undertaken in 2007 to prepare for the exploration drilling campaign on the Ngosso licence area. In 2008 Addax Petroleum drilled the Odiong and Tali prospects to satisfy its initial period exploration commitment. As part of the campaign, a sidetrack to the initial Odiong well was drilled, and resulted in a discovery which was considered uneconomic as a stand-alone development.Iroko
The Iroko licence area is located approximately 30 km offshore Cameroon where the water depth is in the 40-50 m range.
Description
- Covers an area of 3,900 acres (16 km2)
- In April 2008, Addax Petroleum signed a PSC with the Republic of Cameroon, acquiring a 100% interest and operatorship
- The Société Nationale des Hydrocarbures (“SNH”), the national oil company of Cameroon, holds a back-in right of 30% in case of a development. Initial exploration phase commitments were satisfied in June 2008 by the drilling of the Iroko 1 well and the acquisition of a high resolution 3D seismic survey
Addax Petroleum Cameroon Company LCC
Addax Petroleum completed the acquisition of an 80% shareholding interest in Pecten Cameroon Company LCC (PCC) from Shell in October 2011. PCC was subsequently renamed Addax Petroleum Cameroon Company LLC.
Addax Petroleum Cameroon Company has holdings in eleven additional blocks offshore:
Lokele association (%APCC interest)
- 40% interest in Lokele – Mokoko Abana, operated by Addax Petroleum
- 25% interest in Lokele – South Asoma, operated by Perenco
- 32.25 % interest in Lokele – Lipenja, operated by Perenco
- 27.6 % interest in Lokele – Erong North, operated by Perenco
The Lokele Association concession covers a total area of 168km2. There are approximately 130 wells and water injection from 4 of the 11 platforms. The initial phase of development drilling in the permit began in May 1982, with first production beginning in January 1983. There are 11 existing oil-producing platforms. The daily production for Mokoko Abana Production is 15,000 bbl/d of which 6,000 bbl/d is net to Addax Petroleum
Rio Del Rey (%APCC interest):
- 24.5% interest in Rio del Ray – Bavo-Asoma, Boa-Bakassi, Ekoundou Marine, Kita Edem and Kole Marine, operated by Perenco
- 25% interest in Rio del Ray – Sandy Gas, operated by Perenco
Addax Petroleum is in partnership with Perenco, the operator, in the producing Rio del Rey Association, which covers a total area of 858 km2. A total of 405 wells have been drilled, of which 361 are platform wells and 28 are stand-alone exploration wells.
Ekoundou Marine Complex was formed by the underlying Ekoundou Shale Dome. Production began in December 1978 from the S.1, S.2, S.4, and S.5 Zones. The largest producing reservoir in the Ekoundou Complex is the S.4A in the Ekoundou Central Field, with a gross oil rate of 5,560 bbl/d and an average water cut of 55% as at December 2009.
Daily production for Rio Del Rey is approximately 30,000 bbl/d of which 7,300 bbl/d is net to Addax Petroleum.
Dissoni (%APCC interest):
- 37.5% interest in Dissoni – Dissoni North, operated by Perenco
Addax Petroleum is in partnership with Perenco, the operator, in the Dissoni Production Sharing Contract awarded in 2005 and covering an area of 147km2, from which it has been granted an exploitation permit for the Dissoni North area in November 2008.
The Dissoni North Development project first oil is scheduled by 2013. A production plateau above 14,000 bbl/d (5,000 bbl/d net to Addax Petroleum) is expected for mid-2014.
Latest News
Click here to find out about Addax Petroleum's latest acquisition in Cameroon
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Nigeria
Country overview
The Federal Republic of Nigeria is located in West Africa. It is bordered by the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in the north. Its coast lies on the Gulf of Guinea and part of the Atlantic Ocean in the south. The people of Nigeria have an extensive history, and archaeological evidence demonstrates that human habitation in the country dates back to at least 9000 BC.
Nigeria is the most densely populated country in Africa and the 9th most densely populated country in the world. It also has one of the fastest growing economies in the world.
Petroleum plays a large role in the Nigerian economy, accounting for 40% of the GDP. It is the 12th largest oil producer in the world, the 8th largest exporter and has the 10th largest proven reserves. The country is also a founding member of OPEC.
Natural resources in the country include iron ore, limestone, lead and zinc. Agricultural products include groundnuts, palm oil, cocoa, coconut, citrus fruits, maize and sugar cane. Nigeria also has a booming leather and textile industry.Licence Areas
Addax Petroleum began operations in Nigeria in 1998 by signing two Production Sharing Contracts (PSCs) with the Nigerian National Petroleum Corporation (NNPC). Our average annual production was 8,800 barrels per day (bbl/d). Since this acquisition, Addax Petroleum has driven its growth by acquiring oil properties deemed by others to have limited remaining production potential and using its strong in-house technical and operational expertise to grow reserves and production in a cost effective manner.
In Nigeria, Addax Petroleum’s producing assets include 11 field complexes with around 60 production wells in concession OML123, 2 fields with 20 producing wells in concession OML 124 and 2 fields with 14 production wells in concession OML126. Ongoing progress with Field Development Planning is expected to result in a significant increase in our production, from the present combined 75.000 bbl/d from OML123, OML124 and OML126 to over 85.000 bbl/d at the end of 2012.
Map of our assets
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In Nigeria, Addax Petroleum holds the following working interests:
Licence Working
Interest %Net Acres Operator ONSHORE OML 124 100.00 74,100 Addax Petroleum OML124, Addax Petroleum’s sole onshore property in Nigeria, is located in Imo State approximately 100 km north of Port Harcourt. OML124 is Addax Petroleum’s smallest Nigerian licence area when measured by production.
Description
- Covers an area of 74,100 acres (300 km2) on the northeast edge of the Niger Delta
- Contains two producing oil fields, Ossu and Izombe, which are operated as a common production area, and one undeveloped field, Njaba, discovered in December 2008
- Contains several identified exploration prospects yet to be drilled and tested.
OFFSHORE OML123 100.00 90,700 Addax Petroleum OML123 is Addax Petroleum’s largest licence area as measured by reserves and production and is located offshore approximately 60 km south of the town of Calabar in the south-eastern part of Nigeria, in the Gulf of Guinea.
Description
- Covers an area of 90,700 acres (367 km2) in water depths ranging from 3 to 40m
- Contains nine producing oil fields (Adanga, Oron West, North Oron, Ebughu and extensions, Adanga North Horst, Inagha, Akam, Bogi and Mimbo), two undeveloped oil fields (Kita Marine and Antan) three unappraised oil discoveries (Adanga East, Adanga West and Ebughu NE-A), a large 8,600 acre (35 km2) undeveloped gas discovery (Oron East) and several exploration prospects
OML126 100.00 178,300 Addax Petroleum OML126 and OML137 are two contiguous blocks located 90 km offshore, south of Port Harcourt, in water depths ranging between 50 m and 210 m. Combined, they represent Addax Petroleum’s largest Nigerian properties as measured by area and also account for the majority of the company’s recent production growth. Production from OML126 commenced in March 2005 and averaged 42,330 bbl/d in 2008. OML137 is an exploration and appraisal property. To date there has been no production from, and there are no production facilities on, OML137.
Description
- Cover a combined area of approximately 387,800 acres (1,570 km2), 90 km offshore south of Port Harcourt
- The southern half of OML126 has been completely surveyed by 3D seismic and contains two producing oil fields (Okwori and Nda), four undeveloped oil discoveries and three identified exploration prospects
- OML137 was surveyed by 3D seismic in early 2006 and contains the Ofrima North oil discovery and several potentially commercial natural gas discoveries (Shokoloko, Toriye, Odum, Asanga and Ofrima), four identified oil prospects (Ofrima North, Atuma, Udele and Asa) and a number of shallow and deep leads
OML137 100.00 209,500 Addax Petroleum OML126 and OML137 are two contiguous blocks located 90 km offshore, south of Port Harcourt, in water depths ranging between 50 m and 210 m. Combined, they represent Addax Petroleum’s largest Nigerian properties as measured by area and also account for the majority of the company’s recent production growth. Production from OML126 commenced in March 2005 and averaged 42,330 bbl/d in 2008. OML137 is an exploration and appraisal property. To date there has been no production from, and there are no production facilities on, OML137.
Description
- Cover a combined area of approximately 387,800 acres (1,570 km2), 90 km offshore south of Port Harcourt
- The southern half of OML126 has been completely surveyed by 3D seismic and contains two producing oil fields (Okwori and Nda), four undeveloped oil discoveries and three identified exploration prospects
- OML137 was surveyed by 3D seismic in early 2006 and contains the Ofrima North oil discovery and several potentially commercial natural gas discoveries (Shokoloko, Toriye, Odum, Asanga and Ofrima), four identified oil prospects (Ofrima North, Atuma, Udele and Asa) and a number of shallow and deep leads
OPL291 72.50 230,600 Addax Petroleum Addax Petroleum acquired a 72.5% interest in, and operatorship of, OPL291 in October 2006 from Starcrest Nigeria Energy Limited, who retained the remaining 27.5% interest. OPL291 is located approximately 130 km off the Nigerian coast in water depths ranging from approximately 1,000 to 2,300 m. The highly prospective nature of the property is underlined by its proximity to the nearby world-class Agbami oil field in an adjacent block, which is currently under development by Chevron. OPL291 represents the mandatory relinquishment area following conversion of OPL216 to OML127 prior to development of the Agbami field in OML127. OPL291 was tendered by the Nigerian government under the 2006 mini bid round and was originally awarded to Starcrest.
Addax Petroleum acquired approximately 1,500 km2 of 3D seismic over the northern portion of OPL291 in order to further define the Merlin and Emrys prospects as well as to add to the licence area’s prospect inventory.Description
- Covers an area of 318,100 acres (1,287 km2) in water depths ranging from 1,000 to 2,300 m
- OPL291 is immediately adjacent to OML127 (to the north) which contains the Agbami and Ikija fields, operated by Chevron and OPL242 (to the west) operated by Devon Energy Corporation
- One potentially significant prospects (Odoko) is identifiable from existing 2D and a 3D seismic data covering the majority of the licence area, as well as a number of leads from this data
Okwok 12.00 2,700 Oriental Okwok is located approximately 45 km off the Nigeria coast, due south of Calabar, in water depths ranging between 35 m and 50 m. Okwok lies within ExxonMobil’s licence area OML67, immediately to the south of OML123, and covers an area of 22,500 acres (91 km2).
Field activities
- Field discovered in 1967 and partially appraised in 1968 by Mobil
- Two further wells were drilled in the field, the most recent in 1993, however neither well was production tested
- Two 3D seismic surveys were acquired over the field (the most recent which was in 2004)
- Three wells and a sidetrack well drilled by Addax Petroleum in 2006. Two wells were flow tested; the first well test produced at a rate of 400 bbl/d of light 32° API oil; however, the true flow potential of the well was not reached because of sand control problems. The second well test produced at a rate of 1,220 bbl/d of medium 26° API oil. Both wells are currently suspended for potential tie-back to production.
OPL227 40.00 84,100 Express In June 2008, Addax Petroleum Corporation was awarded a 40% interest in OPL227, offshore Nigeria. Addax Petroleum’s co-participants in the OPL227 licence area are Express Petroleum & Gas Company Ltd (“Express”), Petroleum Prospects International Ltd (“PPI”) and Niger Delta Petroleum Resources (“NDPR”), which are all indigenous Nigerian oil companies. The OPL227 licence area is located in the shallow water offshore of the western Niger Delta Basin.
Description
- Covers approximately 340 km2 (84,100 acres) and is adjacent to and to the north-east of the Shell-operated OML79 licence area
- Four wells drilled between 1974 and 1988, all of which encountered hydrocarbons (in non-commercial quantities or shows)
- Minimal 2D seismic and no 3D seismic data acquired to date
- Express is the operator and Addax Petroleum will conduct technical operations in its capacity as technical advisor
Total 870,000