By Patience Saghana

Nineteen insurance companies have insured two Addax Petroleum Exploration (Nigeria) Limited projects amounting to $61.6million.

The two projects are Adanga North Development Project and Adanga Water Injection (Phase 1 Only) valued at $46.7million and $14.9million respectively. The class of insurances for the two accounts is Construction All Risks Insurance for 2010.

The Adanga North Development project is for the design, engineering, procurement, manufacture, fabrication, transportation, installation, hook-up, testing and commissioning and existence associated with the Adanga North Development project while the Adanga Water Injection (Phase 1 Only) project is for the design, engineering, procurement, manufacture, fabrication, transportation, installation, hook-up, testing and commissioning and existence associated with the Adanga Water Injection (Phase 1 Only) project.

The 19 insurance companies are Custodian & Allied Insurance Plc; Intercontinental Wapic Insurance; Royal Exchange General; International Energy Insurance; Unity Kapital Insurance; Nem Insurance Plc; Regency Alliance Insurance; Sovereign Trust Insurance Plc; Leadway Assurance; Cornerstone Insurance Plc; Goldlink Insurance; Niger Insurance; Lasaco Assurance; Guaranty Trust Assurance; Standard Alliance Insurance; Staco Insurance; Zenith General; Unitrust Insurance and Anchor Insurance.

Addax Petroleum is a subsidiary of the Sinopec