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Addax to Invest $5bn in Nigeria

Addax Petroleum Development Nigeria Limited has conclude arrangements to invest an estimated $3 to $5 billion in Nigeria.

According to Dorothy Atake, the General Manager,  External and Government Affairs of the company, the investment is part of Addax’s goal to optimize its operations and increase production from its assets.

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.”

Addax, since the 2009 takeover by Sinopec, has invested over $5 billion and generated over $7 billion for the Nigerian government, and created jobs for Nigerians, including the host communities.

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