Sinopec finalizes Addax acquisition
Sinopec finalizes Addax acquisition
China’s Sinopec Group today finalized its acquisition of Addax Petroleum Corp. The Swiss independent primarily holds oil and gas assets in Nigeria, Gabon and the Kurdistan Region of Iraq.
Addax recorded 2008 revenue of $3.762 billion, with a net profit of $784 million and an operating cash flow of $1.521 billion. Addax operates a total of 25 licensed blocks, of which 15 are under exploration and 10 are under development. Of the total blocks, 17 are offshore and 8 onshore.
The company has 537 million bbl of proved and probable reserves, and 738 million bbl of proved, probable and possible crude reserves. The operator also has 111 promising traps that are awaiting drilling.
