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Addax Petroleum discovers new oil, gas reserves in Cameroon

BY EMMANUEL TUMANJONG

YAOUNDE -- Addax Petroleum, a wholly owned CNPC subsidiary, said it has discovered new offshore oil and gas reserves in Bakassi, in the southwest region of Cameroon.

A statement jointly issued by Addax Petroleum' s Chief Executive Officer Yi Zhang and the Executive General Manager of Cameroon' s state owned National Hydrocarbons said that although work on the well was temporarily suspended last September, more tests would be conducted to determine the extent and commercial viability of the discovery.

SNH is the Cameroon government mandator in the oil industry and partners with Addax Petroleum in several oil blocks in the oil rich Rio del Rey Basin, in which the Bakassi peninsula is found.

Bakassi was occupied by neighboring oil giant Nigeria for at least 15 years, during which both countries were involved in deadly clashes before Cameroon regained ownership of the territory in 2002.

Dow Jones Newswires

10/10/2012

 

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