Addax Petroleum signs PSC contract with Gabon

oilwell gabon-mono bustos sxc.huThe fields are namely Obangue, Tsiengui and Autour. (Image source: Mono Bustos/sxc.hu)Addax Petroleum has signed a production sharing contract (PSC) with the government of Gabon over three onshore oilfields

Switzerland-based Addax Petroleum reportedly accounts for about a third of Chinese refiner Sinopec’s overseas oil production. The Gabonese fields are namely Obangue, Tsiengui and Autour.

The company said that it has also concluded negotiations with the central African country over a disputed oil licence, Reuters reported.

Gabon had earlier transferred the Obangue oilfield from Addax Petroleum to the state oil firm more than a year ago, citing breach of contract, in a move that sparked a US$1bn legal battle in a Paris-based tribunal.

Yi Zhang, chief executive of Addax Petroleum, said, “I am pleased to confirm that our efforts to resolve amicably all existing issues and disputes have borne fruit and resulted in the completion of our negotiations with the Gabonese government.”

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