Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on Africa, the Middle East and the North Sea. The Company has grown by acquiring under-developed properties in established basins and has increased its production by utilising advanced and proven technologies.
Our strategy is to build on the significant growth and profit enhancement opportunities within our existing licence areas while also pursuing new venture opportunities.
Addax Petroleum was established in 1994 and since August 2009 has been a subsidiary of the Sinopec Group, one of the largest oil and gas producers in China, the biggest oil refiner in Asia and the third largest worldwide.
Addax Petroleum was founded on a deep knowledge of the African continent and today, we are a wholly owned subsidiary of Sinopec International Petroleum Exploration and Production Corporation (SIPC) and a leading international oil and gas exploration and production company with strategic focus on Africa, the Middle East and Europe.
Addax Petroleum was originally part of the Addax & Oryx Group of Companies (AOG) which was founded in 1987 by a group of enthusiastic energy professionals, with an expertise in international trade and in-depth knowledge of Africa.
In 1994, AOG embarked on an ambitious expansion programme with the aim of becoming a vertically integrated oil company, focused on the African continent, and developed an upstream exploration and production business: Addax Petroleum was created.
Following its creation in 1994, Addax Petroleum struck first oil in Nigeria in 1998 and entered Gabon in 2004. This expansion in West Africa was supported significantly by the acquisition of Pan Ocean Energy’s operations in Gabon in 2006 and the signing of the PSC on the Iroko licence, offshore Cameroon in 2008.
Addax Petroleum was acquired by the Sinopec Group in August 2009. This ushered in a new phase in the Company’s development with Addax Petroleum spearheading Sinopec’s internationalisation strategy and strengthening its upstream operations.