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Addax extends FPSO charter offshore Nigeria

20th October 2014

Addax Petroleum has extended its use of the FPSO Kock Adoon offshore Nigeria by a year in a USD 39m-extension contract with vessel owner Yinson Holdings (though Yinson’s subsidiary Adoon Pte Ltd)

Addax extends FPSO charter offshore Nigeria
On-going progress with Field Development Planning is expected to result in a significant increase in production

The original contract for the FPSO was awarded on 17 October 2006, for a firm eight year period with option to renew up to eight years.

The extension contract is valued at approximately USD 39m.

Both parties have now agreed to extend the term of the said original contract by one year to 16 October 2015.

Addax, a subsidiary of Sinopec Group is engaged in the exploration, development and production of oil and gas resources in Africa, the Middle East and Europe.

In Nigeria, Addax’s producing assets include 11 field complexes with around 60 production wells in concession OML123, two fields with 20 producing wells in concession OML 124, and two fields with 14 production wells in concession OML126.

On-going progress with Field Development Planning is expected to result in a significant increase in production.

 

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