Bloomberg News

Sinopec’s Addax Petroleum to Boost Crude Output in Nigeria

December 01, 2011

(Adds takeover date in third paragraph.)

Dec. 1 (Bloomberg) -- Addax Petroleum, the Nigerian unit of China Petroleum & Chemical Corp., or Sinopec, plans to boost oil output to more than 85,000 barrels a day by the end of 2012.

Addax currently produces 75,000 barrels daily from over 90 wells at its onshore Oil Mining Lease 124 and offshore OML 123 and 126, the company said in a statement on its website.

Sinopec bought Addax in 2009, adding reserves in Nigeria, Cameroon and Gabon.

--Editors: Rachel Graham, Raj Rajendran

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net


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