The Nation Newspaper

Tag: Addax

  • Addax plans $5b fresh investment

    Addax Petroleum Development (Nigeria) Limited is planning to inject  between $3 and $5 billion into the business.

    Its General Manager, External & Government Affairs, Dorothy Atake, said part of the company’s objectives is optimising its oil and gas operations and increasing production from its assets – onshore and offshore.

    Addax  Petroleum/NNPC Production Sharing Contract (PSC), according to her, has produced over 425 million barrels of crude oil in over 19 years when it took over the Oil Prospecting Licences (OPLs) 98/118 and OPLs90/225 operated by Ashland Nigeria Oil Company that operated the blocks for 25 years (1973-1998).

    She noted that the company as contractor to and for Addax/NNPC PSC, achieved this feat “through sustained investments in reserves and production growth, application of technology, strong NNPC/DPR strong partnership and with of host communities”.

    Atake said: “Leveraging its world-class technical expertise and application of technology, Addax/NNPC PSC has brought various fields on-stream and embarked on exploration and appraisal campaigns in its adjacent concession areas resulting in commercial oil discoveries in Ofrima  and Udele fields, a project pivotal to Addax growth plans in the country.

    “In addition, Addax Petroleum has a strong track record of developing under-exploited hydrocarbon resources and has through business drivers hinged on Health, Safety, Security and Environment (HSSE), human capital development, operations excellence and capital efficiency achieved this feat.

    “The Addax/NNPC PSC remains a socially responsible operator supporting the economy through her investments in exploration and production (E&P) and communities’ projects. Safety and care for the environment is its priority as evident in her low safety incident record and continued reduction in gas flaring from its assets since2009.”

    To increase production, Addax is drilling in the Njaba field in oil mining lease (OML) 124 area. “The first oil drilled the OML 124 campaign was completed ahead of schedule and significantly below budget. Preliminary well test results exceeded projected average oil production potential.”

    Since the 2009 SINOPEC takeover, Addax Petroleum NNPC PSC has invested over $5 billion and generated over $7 billion for the government, and created jobs Nigerians, including the host communities.

    “The company has also pioneered the institution of a micro credit scheme, where over 480 women have been empowered to develop their small scale businesses, through a revolving loan scheme initiated to empower small scale business women within OML 124 host communities.

    The Technical Skill Acquisition Programme (TSAP) has enabled youths within the host communities in Imo, Akwa Ibom and Rivers states to be trained at the Federal Technical College, Omoku, in Rivers State, on selected vocations, and after training, Addax Petroleum donated tools and equipment to assist them set-up small scale businesses in their chosen vocation. The company has spent significant amount on this scheme in addition to tertiary and post primary education scholarships and infrastructure development in the education sector.

    “Nigerian content development remains one of Addax /NNPC PSC’s critical business drivers as the company ensures compliance with the requirements of the Nigerian Content Act through the use of local materials and services. We achieved these initiatives with the tremendous support of the Nigerian Content Development Monitoring Board (NCDMB).

    “This venture has been at the forefront of building local capacity, contractors and making huge investments in training and development of Nigerians. It has 255 Nigerians in its employ as well as another 380 contract staff.

    “Addax/NNPC PSC is committed to research and development and in partnerships with the Universities of Benin and Port Harcourt.

    “Addax Petroleum has since 2009 been an affiliate of  SINOPEC, bringing this to bear on positive Sino-Nigeria relationship,” Atake added.

  • Addax confirms $32m fine payment for Nigerian bribery saga

    Addax Petroleum Limited has confirmed that it has agreed to pay 31 million Swiss francs about $32 million fine in Geneva, Switzerland, to settle charges of alleged bribes given to Nigerian officials.

    Its Public Relations Officer in Geneva, Switzerland, Mr. Douglas Chene-Bougeries confirmed the development yesterday. In a statement, he noted that the Chinese oil firm has agreed to the terms set out in the Geneva Prosecutor’s Office’s order dated July 5, 2017.

    He said: “Relating to case number P/3851/2017, containing the prosecutor’s decision to close the investigation against the company and its employees, following a thorough review of the allegations.

    “Addax Petroleum is committed to conducting its business with the highest level of integrity, and in full compliance with applicable laws, regulations and industry standards.”

    Reuters had on March 24 reported that the Geneva Prosecutor’s Office was investigating the Chief Executive Officer of Addax Petroleum, Geneva operations, Zhang Yi, over allegations of crime in the company’s business in Nigeria.

  • Addax empowers Niger Delta youths with N514m

    Addax empowers Niger Delta youths with N514m

    No fewer than 71 youths of the Niger Delta region have been empowered by Addax Petroleum Development Nigeria Limited through the Technical Skills Acquisition Programme (TSAP), put at a cost of over N514 million.

    The youths from Addax’s host communities in Rivers and Imo states, were urged by the Managing Director of Addax Petroleum, Chief Cornelis Zegelaar, during their graduation from the TSAP, at the Federal College of Education (Technical), Omoku in Ogba/Egbema/Ndoni Local Government Area of Rivers State, not only to be self employed, but to be employers of labour and be focused, hardworking, dedicated and result-oriented.

    Speaking during the graduation of the youth held at the Federal College of Education (Technical) in Rivers State, Chief Zegelaar urged the youth not only to be self- employed, but to be employers.

    He said they should be focused, hardworking, dedicated and result-oriented.

    The Addax boss noted that the programme was introduced in 2001, with the objective of training talented youths in their chosen vocation and providing the necessary support for them to set up their own businesses and create employment opportunities in their communities.

    Zegelaar, who was represented by the oil firm’s Deputy Managing Director, Legal, Supply Chain Management and Regulatory Affairs, Tunji Mayaki, stated that after the training, the youth were empowered with basic tools/starter packs and a take-off grant of N150,000 each. He said 460 youths had so far been trained.

    At the graduation for the 2011/2012 batch of trainees in the one year skills’ acquisition in welding/fabrication, computer studies, catering, electrical installation/automobile mechanics and fashion design, the managing director noted that the youth were fully equipped.

    He said: “Addax Petroleum is investing in youths’ empowerment and manpower development, because of the conviction that the future of our society can only be guaranteed, if we all make the necessary sacrifice to properly equip the youths to face the challenges of today and prepare them for leadership roles in future.

    “The empowerment of our host communities remains a top priority business goal. It will remain so, if our business is to succeed. As we grow our business and pursue our vision, we take time to plan and implement sustainable development programmes in our host communities, in partnership with the relevant stakeholders.

    “In addition to TSAP, Addax Petroleum awards 291 university scholarships annually, out of which 175 awards go to students from our host communities. The remaining 116 awards are spread across the country, under the national merit programme. 165 scholarships are awarded yearly to secondary school students from our host communities.”

    Zegelaar also said during the training, the oil firm took responsibility for all costs, including tuition fees, accommodation, personal protective equipment and monthly stipend of N15,000 per trainee.

    The Provost of the Federal College of Education (Technical), Omoku, Dr. Nkasiobi Oguzor, in his address, noted that the trainees underwent rigorous academic works, in terms of theory and practice, while displaying good behaviour.

    Oguzor also disabused the minds of some persons, whom he said felt that crude oil exploration and development companies embark on skills acquisition programmes for the youths, simply to stem the tide of unrest and disruption of their operations.

    Speaking on behalf of the graduands, Comfort Taribo, urged Addax Petroleum to extend the training to two years, with six months out of it to be used for industrial attachment and also increase the number of beneficiaries. She urged other oil firms to emulate Addax.

  • I’ve no relationship with Addax Petroleum, says Oronsaye

    I’ve no relationship with Addax Petroleum, says Oronsaye

    FORMER Head of Service Stephen Oronsaye yesterday denied having a relationship with Addax Petroleum, which compromised his membership of the Petroleum Task Force.

    In a statement he signed yesterday, Oronsaye said: “My attention has been drawn to the various false and spurious allegations levelled against my person by Mallam Nuhu Ribadu, as published in national newspapers of November 3, 2012.

    “While I do not intend to trade insults with Mallam Ribadu, I must unequivocally state for the records that the blatant falsehoods, misrepresentations and outright slander and maligning of my reputation shall not go unreplied.

    “I have never had a relationship or dealt with Addax Petroleum in my life in any capacity as stated by Mallam Ribadu and if he has any evidence whatsoever to the contrary, let him publish it for the record rather than engage in empty accusations.

    “If he was so certain of his facts regarding the so-called $1.5 billion issue, why did he not confront me with the facts as a member of the Petroleum Revenue Special Taskforce rather than issue false statements on the pages of the newspapers?”