First Oil at the new SEENT platform, offshore Gabon

Published on 27 July 2015

The Etame Marin Partners are pleased to announce the commencement of First Oil at the new SEENT (South East Etame North Tchibala) Platform, located in water depths of approximately 80 meters offshore Gabon, on 18 July 2015.

The Etame 2-H well, the first development well drilled in the Southeast Etame Field at a measured depth of approximately 4,270 meters, was brought online at the rate of approximately 3,400 barrels of oil per day.

The well is not producing any formation water or hydrogen sulfide (H2S), has a flowing tubing pressure of 1,080 PSI, and is producing at the lowest setting on the ESP (electrical submersible pump). 

The combination of reservoir pressure at original conditions, productivity equivalent to or greater than other nearby Gamba development wells and the low setting being utilised on the ESP confirm the strength of this well. 

The Etame 2-H well is the fourth well drilled by the Transocean Constellation II jackup rig in a drilling campaign that began in October 2014 and is planned to be active through July 2016.

The Constellation II rig has been moved to a second slot on the same platform to drill the North Tchibala 1-H well that is targeting the Dentale formation in another previously-unproduced field (North Tchibala).

The SEENT Platform was part of the Etame ReDevelopment Programme. It was constructed on the US Gulf Coast, transported to Gabon and installed in Q4 2014.

Addax Petroleum Etame Inc. holds a 31.36% equity interest in the Etame Production Sharing Contract which is operated by VAALCO Gabon (Etame) Inc. (28.07%). The other partners are Sasol Gabon SA (27.75%), Sojitz Etame Limited (2.98%), PetroEnergy Resources Corp. (2.34%) and Tullow Oil Gabon SA (7.5%).

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Sinopec second in Fortune Global 500 ranking

Published on 23 July 2015

The Sinopec Group, Addax Petroleum’s shareholder, moved up a rank to replace Royal Dutch Shell as the world’s second largest company in 2015.

In 2014, it was also the first Chinese company to enter the top three of Fortune Global 500 list, which this year hosts a record total of 106 Chinese companies.

As Sinopec’s largest overseas company, accounting for approximately one third of its overseas production and playing a key role amongst SIPC subsidiaries, Addax Petroleum welcomes this announcement.

Sinopec was ranked behind Wal-Mart Stores (1st) and ahead of Royal Dutch Shell (3rd), China National Petroleum (4th) and Exxon Mobil (5th).

The world's 500 largest companies generated 31.2 trillion US dollars in revenues and 1.7 trillion US dollars in profits in 2014. Companies are ranked by total revenues in their respective fiscal years ended on or before 31 March 2014.

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