ADDAX PETROLEUM

Addax Petroleum is an international oil and gas exploration and production company that was founded in 1994. The company was initially based in Geneva, Switzerland but had operations in various countries, including Nigeria, Gabon, Cameroon, and Iraq, as well as other regions.

Key Points about Addax Petroleum:

Operations and Assets: Addax Petroleum focused on the development, exploration, and production of oil and gas. The company's assets included both onshore and offshore production facilities. It was particularly active in West Africa, where it held several oil and gas fields.
Acquisition: In 2009, Addax Petroleum was acquired by Sinopec Group, one of the largest state-owned petroleum and petrochemical enterprises in China, for approximately $7.2 billion. This acquisition was part of Sinopec's strategy to expand its international presence and secure energy resources.
Production: Before its acquisition, Addax Petroleum was one of the largest independent oil producers in West Africa. It produced significant amounts of oil, making important contributions to the local economies of the countries where it operated.
Corporate Social Responsibility: Addax Petroleum was involved in various community and social responsibility projects in the regions where it operated. These projects often focused on improving local healthcare, education, and infrastructure.
Integration and Rebranding: Following its acquisition by Sinopec, Addax Petroleum continued to operate as a subsidiary under Sinopec's global umbrella. Over time, its operations and corporate identity were integrated into the larger Sinopec system.
Challenges and Controversies: Like many companies operating in the complex environments of the oil and gas sector, Addax Petroleum faced challenges. These included geopolitical risks, fluctuating oil prices, and regulatory issues. Additionally, operating in regions with difficult political and security conditions posed significant risks and challenges.

As of the most recent updates, further details about Addax Petroleum's operations may have evolved, including changes in corporate strategy or structure under Sinopec’s management.

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