Petroleum Africa
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Thursday, June 11, 2009
Following Tuesday’s confirmation by Addax Petroleum (Swiss Addax Being Courted for Takeover) that it was in talks with third parties regarding a potential acquisition; China’s Sinopec confirmed that it is in preliminary talks with the Swiss independent.
Addax is active in West Africa and the Kurdistan region of Iraq. Last year Addax exited Nigeria and Cameroon with a daily average production of 136,000 bpd from the two countries. It also hold assets in the JDZ and Gabon. The company has steadily increased its holdings and production out of West Africa over the years. Petroleum Africa named Addax Petroleum the winner of both its 2007 and 2008 Annual Large Independent Award over a tough line-up of peer companies for its outstanding performance in both of those years.
Sinopec and Addax are partnered and jointly operate in lucrative offshore exploration blocks in the Gulf of Guinea, so a working relationship and corporate familiarity are already in place. Sinopec also holds other stakes in Africa including in Liberia’s offshore, the Ogaden basin of Ethiopia, and the JDZ’s Block 2 (Addax also partnered in this license).
A Sinopec spokesperson also said that the company is evaluating several companies for possible acquisition.
This announcement follows this week’s confirmation by Heritage Oil that it intends to merge with Genel Energy International. The pair signed an MoU and the deal is expected to close in September. Heritage suspended trading on the London Stock Exchange (LSE) following its announcement. Click here to read more on the Heritage/Genel deal.
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