Addax Petroleum was founded on a deep knowledge of the African continent and today, we are a wholly owned subsidiary of Sinopec International Petroleum Exploration and Production Corporation (SIPC) and a leading international oil and gas exploration and production company with strategic focus on Africa, the Middle East and Europe.
Our acquisition by the Sinopec Group in 2009 ushered in a new phase in our development. As Sinopec’s largest overseas subsidiary, we have been spearheading its internationalisation strategy – strengthening its upstream operations and accounting for approximately a third of its overseas production.
Addax Petroleum was originally part of the Addax & Oryx Group of Companies (AOG) which was founded in 1987 by a group of enthusiastic energy professionals, with an expertise in international trade and in-depth knowledge of Africa.
The creation of Addax Petroleum
In 1994, AOG embarked on an ambitious expansion programme with the aim of becoming a vertically integrated oil company, focused on the African continent, and developed an upstream exploration and production business: Addax Petroleum was created.
Our beginnings in West Africa
Following its creation in 1994, Addax Petroleum struck first oil in Nigeria in 1998 and entered Gabon in 2004. This expansion in West Africa was supported significantly by the acquisition of Pan Ocean Energy’s operations in Gabon in 2006 and the signing of the PSC on the Iroko licence, offshore Cameroon in 2008.
An early entrant in Iraq
The Company also established itself as a leading producer and early entrant in the Kurdistan Region of Iraq. It farmed into the the Taq Taq block operated by Turkish company Genel Energy in 2005 and in 2006 signed a shareholders' agreement with Genel Energy which led to the formation of Taq Taq Operating Company Limited (TTOPCO).
A new chapter
Addax Petroleum was acquired by the Sinopec Group in August 2009. This ushered in a new phase in the Company’s development with Addax Petroleum spearheading Sinopec’s internationalisation strategy and strengthening its upstream operations.
Continuing our expansion
In 2011, Addax Petroleum completed the acquisition of an 80% shareholding interest in Pecten Cameroon Company LCC (PCC) providing additional growth potential for the business. This was followed by the opening of the Addax Petroleum US office in Houston in 2012, expanding Addax Petroleum’s worldwide presence to include the United States.
Setting foot in the UK North Sea
In 2012, Addax Petroleum first set foot in the UK North Sea with the creation of Talisman Sinopec Energy UK Limited (TSEUK), a joint venture company with Talisman Energy Inc. This was followed by the opening of the Addax Petroleum UK office in Aberdeen in August 2013, the main role of which is to manage the Company’s expansion in the UK North Sea. In 2015, Talisman Energy Inc.’s 51% stakes were acquired by Repsol, and the joint venture changed its name to Repsol Sinopec Resources UK Limited in July 2016.
New opportunities for growth
Addax Petroleum signed a new production sharing contract (PSC) with the Gabonese Republic for the Tsiengui, Obangue and Autour oil fields in January 2014, marking the beginning of a mutually beneficial partnership for the next ten years.