Addax set to develop offshore block

LAGOS, October 8, 2014 – Addax Petroleum will begin its $1.3-billion oil mining lease 137 offshore Nigeria development at the end of October according to sources cited by The Nation newspaper.

Addax has finished the exploratory and appraisal stages on the asset and is targeting first oil by early 2016 as part of its strategy of reaching 100,000 barrels per day in Nigeria.

The Sinopec-owned exploration and production firm produces 42,330 barrels per day in Nigeria from the adjacent OML 126, which began production in March. Both blocks are located 90 kilometres offshore, south of Port Harcourt in water depths of 50 metres to 210 metres. OML 137 is expected to produce light oil similar to that discovered in OML 26’s Okwori and Nda fields. Addax is the 100 percent owner and operator of OML 137.

In Nigeria Addax operates as Addax Petroleum Development Nigeria.

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