Addax Petroleum Extends Yinson’s Adoon FPSO Deal
Nigeria-focused oil company Addax has extended the charter for the Yinson-owned FPSO Adoon for another three months, pending discussion for a potential longer-term deal."Unless otherwise expressly defined in this announcement, terms and expressions used in this announcement shall have the same meaning as ascribed to them in our earlier announcements made in October 2018," the Malaysian-based Floating…
Addax Shuts Offices after Swiss Bribery Case
Chinese-owned oil firm Addax Petroleum is shutting its offices in Geneva, Houston and Aberdeen, it said on Monday, a month after it agreed to pay 31 million Swiss francs ($31.85 million)to settle charges of suspected bribery of foreign officials. Confirming a report in the Tribune de Geneve newspaper, Addax said its parent firm Sinopec International Petroleum Exploration and Production Corporation (SIPC) would integrate the three offices into a new technical centre in Beijing.
Beach Energy Rejigs Top Deck
Beach Energy Limited (ASX: BPT, “Beach”) announces the following changes to the composition and structure of its senior executive team. These changes are consistent with Beach’s growth strategy and follow recommendations from the recent organisational review. Mike Dodd, currently Group Executive Exploration and Development, has been appointed to the role of Chief Operating Officer, effective 3 January 2017.
Sinopec Serves $5.5 bln Arbitration Notice to Repsol
China's Sinopec and its subsidiary Addax Petroleum UK Limited have served an arbitration notice to Talisman Energy Inc and Talisman Colombia, both owned by Spanish oil major Repsol, demanding pay back of its 2012 investment in Addax and Talisman joint venture TSEUK, Repsol said in a statement on Friday. The total value of the demand is around $5.5 billion, Repsol said. Reporting By Sonya Dowsett
IOCs Stress on OSV Fuel Management Performance
Growing insistence by international oil companies (IOCs) that oilfield contract vessels (OSVs) are fitted with fuel monitoring systems has prompted an upsurge in interest in marine engine monitoring systems. Diesel power specialist Royston reports that it is equipping a growing number of offshore vessels with its enginei fuel management system as the oil majors increasingly require the availability…
Sinopec Unit Addax Cuts 70 Jobs
Addax Petroleum, a subsidiary of Chinese state-owned oil giant Sinopec Group, will cut up to 70 jobs at its Geneva office, a quarter of its staff in the city, due to falling crude prices, it said on Thursday, confirming a report in Le Temps newspaper. "I can confirm we have taken steps towards staff reduction in Geneva of up to 70 positions," Addax Petroleum's spokeswoman Marie-Gabrielle Cajoly said in an emailed comment.
France Firm to Revive Domestic Gas Production
European Gas Ltd changes name to Française de l'Energie; expects to start marketing gas in 2017. France could get the equivalent of 10 years of gas consumption by exploiting the methane trapped in the former coal mines of its deprived eastern regions, a French company running a rare domestic exploration programme said on Wednesday. France, which slammed the door on developing shale gas due to environmental concerns and blocked many exploration permits…
Strike Halts Oil Output at Addax's Gabon Fields
A strike at Sinopec's Addax Petroleum oilfields in Gabon has halted crude oil production, a union official said on Thursday. Workers began the open-ended strike on April 14 after oilworkers' union ONEP learned of plans to dismiss five workers, according to its deputy secretary general Sylvain Mayagui Binet. Addax's two oilfields Tsiengui and Obangue typically produce about 22,000 barrels per day or about 10 percent of the Central African country's total.
Talisman Sinopec Energy UK to Cut 300 Jobs
North Sea oil and gas field operator Talisman Sinopec Energy UK said it would cut 300 jobs due to falling production levels and rising operating costs hurt by low oil prices. The company said the number represented a split between 100 employees and 200 contractor positions. The company also introduced immediate reductions in contractor rates. Talisman Sinopec Energy UK is a joint venture between Canada's Talisman Energy Inc and Addax Petroleum UK Limited…
Cameroon Oil Output up 15%
Oil production in Cameroon rose 15 percent year-on-year to 22.69 million barrels by the end of October, according to the state oil firm, but output may double within the next two years as new fields come on line. Cameroon became a modest oil producer in 1977, with output hitting a record of 185,000 barrels per day (bpd) in 1986 before dropping steadily to 63,000 bpd in 2011 due to maturing fields.
Largest Kurdistan Oilfield to Boost Output
Oil production at Iraqi Kurdistan's largest producing oil field is planned to rise by at least 16,500 barrels per day (bpd) by the end of the month, from the current 113,500 bpd, the general manager of the operating company told Reuters late on Thursday. "We have a target to ramp up production towards 130,000-140,000 bpd and we are working to achieve this by the end of the month," Onder Tekeli from Taq Taq Operating Co (TTOPCO)…
Gabon to Boost Oil Sales, Eyes Acquisitions
State-owned Gabon Oil Company plans to purchase new oil assets and market a bigger portion of Gabon's crude oil, its chief executive told Reuters, aiming to grow to compete alongside international oil firms. GOC was created in mid-2011 by presidential decree, more than two decades after Gabon started producing oil. The country is now sub-Saharan Africa's fifth-biggest oil producer, pumping around 250,000 barrels per day, down from a peak of 370,000 bpd in the late 1990s.
