Our approach

As a strong economic and social player, Addax Petroleum seeks to put people and the environment first and conduct its business in full compliance with regulations and industry standards. To this end, the Company brings together a series of operating principles under the broad heading of Corporate Social Responsibility (CSR).

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Addax Petroleum is owned by Sinopec International Petroleum Exploration and Production Corporation (SIPC), which is managed and operated by the Sinopec Group. SIPC is specialised in overseas oil and gas investment and operations. It manages Sinopec's international exploration and production portfolio, including Addax Petroleum.

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Latest News

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%).

More information about Addax Petroleum in Gabon: https://www.addaxpetroleum.com/operations/gabon

More information about Vaalco: http://www.vaalco.com/

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