Addax Petroleum Development (Nigeria) Limited is planning to inject between $3 and $5 billion into the business.
Its General Manager, External & Government Affairs, Dorothy Atake, said part of the company’s objectives is optimising its oil and gas operations and increasing production from its assets – onshore and offshore.
Addax Petroleum/NNPC Production Sharing Contract (PSC), according to her, has produced over 425 million barrels of crude oil in over 19 years when it took over the Oil Prospecting Licences (OPLs) 98/118 and OPLs90/225 operated by Ashland Nigeria Oil Company that operated the blocks for 25 years (1973-1998).
She noted that the company as contractor to and for Addax/NNPC PSC, achieved this feat “through sustained investments in reserves and production growth, application of technology, strong NNPC/DPR strong partnership and with of host communities”.
Atake said: “Leveraging its world-class technical expertise and application of technology, Addax/NNPC PSC has brought various fields on-stream and embarked on exploration and appraisal campaigns in its adjacent concession areas resulting in commercial oil discoveries in Ofrima and Udele fields, a project pivotal to Addax growth plans in the country.
“In addition, Addax Petroleum has a strong track record of developing under-exploited hydrocarbon resources and has through business drivers hinged on Health, Safety, Security and Environment (HSSE), human capital development, operations excellence and capital efficiency achieved this feat.
“The Addax/NNPC PSC remains a socially responsible operator supporting the economy through her investments in exploration and production (E&P) and communities’ projects. Safety and care for the environment is its priority as evident in her low safety incident record and continued reduction in gas flaring from its assets since2009.”
To increase production, Addax is drilling in the Njaba field in oil mining lease (OML) 124 area. “The first oil drilled the OML 124 campaign was completed ahead of schedule and significantly below budget. Preliminary well test results exceeded projected average oil production potential.”
Since the 2009 SINOPEC takeover, Addax Petroleum NNPC PSC has invested over $5 billion and generated over $7 billion for the government, and created jobs Nigerians, including the host communities.
“The company has also pioneered the institution of a micro credit scheme, where over 480 women have been empowered to develop their small scale businesses, through a revolving loan scheme initiated to empower small scale business women within OML 124 host communities.
http://thenationonlineng.net/addax-plans-5b-fresh-investment/
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