Addax ‘eyes North Sea assets’

Addax Petroleum25 May 2013, – Addax Petroleum has its eye on more North Sea assets with joint venture moves a possibility, according to a report.

The West Africa-focused company, which is Swiss-based, is already assessing some possible targets in the region, Reuters reported, quoting chief executive Yi Zhang.

“There are several targets at the evaluation stage. I believe that this year something will be done,” Yi said.

“We are looking at partnerships, not just pure acquisitions.”

Addax’s previous scoop in the North Sea was the purchase by parent, Chinese refining giant Sinopec, of a 49% stake in Talisman Energy’s upstream business in the region in a deal worth $1.5 billion.

“We have a competitive advantage because of Sinopec,” Yi continued of possible future moves.

“They have strength in developing brownfield sites and we can leverage that.”

Addax is most known for its operations in Nigeria but also has assets in Gabon, Cameroon, Sao Tome & Principe and Iraqi Kurdistan in its portfolio.

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