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Addax/NNPC to invest $3.5bn in onshore, offshore operations

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By Sebastine Obasi

ADDAX Petroleum Development Limited, in collaboration with the Nigeria National Petroleum Corporation, NNPC plans to investment about $3-5 billion to optimize its operations in Nigeria and increase production from its existing assets, both onshore and offshore, part of which includes its current drilling activities in the Njaba field in the oil mining lease, OML 124.

NNPC
NNPC

In a statement obtained by Vanguard, Addax stated, “The first oil producer in this drilling campaign was recently drilled and completed ahead of schedule and at significantly lower cost than budget. Preliminary well test results have also exceeded projected average oil production potential.”

This is coming at a time Addax and NNPC production sharing contract, PSC,  trained over 600 youths from its host communities in three Niger Delta states of Imo, Akwa Ibom and Rivers at the Federal Technical College, Omoku, Rivers States, in select vocations.

The scheme known as Technical Skill Acquisition Programme (TSAP) has enabled the community youths to be trained on selected vocations such as fabrication, welding, tailoring, computer science/computer training, carpentry among others, thus developing their entrepreneurial skills.

A statement from the company stated that at the end of each  training session, “Addax Petroleum donated tools and equipment to assist them set-up small scale businesses in their chosen vocation. Thus far, significant amounts have been expended on this scheme.”

In its 19 years of operation, Addax was said to have produced over 425 million barrels of crude oil since it took over operatorship of Oil prospecting Licenses (OPLs) 98/118 and OPLs90/225 previously operated by Ashland Nigeria  Oil Company  which operated the blocks from 1973-1998. According to the company, since the 2009 SINOPEC takeover, Addax Petroleum/NNPC PSC  has invested over $5 billion and generated over $7 billion for the Nigerian government.

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