Addax Petroleum Development (Nigeria) Limited

Ship Owners

Addax Petroleum Development (Nigeria) Limited is a subsidiary of Addax Petroleum, which itself is a large international oil and gas exploration and production company. Addax Petroleum was originally founded in 1994 and has been primarily focused on operations in West Africa and the Middle East. The company's headquarters is located in Geneva, Switzerland.

In Nigeria, Addax Petroleum Development has engaged in various upstream activities, including exploration, development, and production of oil and gas resources. Key activities involve operating several oil fields and associated infrastructure such as oil pipelines and production platforms. The company has historically worked under Production Sharing Contracts (PSCs) with the Nigerian National Petroleum Corporation (NNPC), now rebranded as NNPC Limited.

Significant milestones for Addax Petroleum in the Nigerian context include the development of both onshore and offshore oil fields primarily located in the Niger Delta region. The company has been involved in community development initiatives and local capacity-building programs as part of its corporate social responsibility (CSR) strategy.

In 2009, Addax Petroleum was acquired by Sinopec Group, one of the largest oil and petrochemical enterprises in China. This acquisition expanded Sinopec's footprint in the African oil and gas industry, as Addax brought substantial reserves and production capacity to the table.

Despite its contributions, the company has not been without controversy. It has faced legal and regulatory challenges, including issues related to operational practices and financial disputes with Nigerian authorities.

The Nigerian oil and gas sector itself is highly competitive and subject to fluctuating regulatory and economic conditions, making it a challenging environment for international operators. However, companies like Addax Petroleum continue to play a significant role in the development of Nigeria's vast hydrocarbon resources.

Ships

MARC LORENCEAU

Self-elevating Unit | Flag: Nigeria | Port: LAGOS

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