Yaoundé - 21 March 2023 -

Cameroon: Chinese Addax Petroleum pumped CFA795.8bn in oil and gas projects over the past decade

Cameroon: Chinese Addax Petroleum pumped CFA795.8bn in oil and gas projects over the past decade
  • Comments   -   Friday, 09 September 2022 17:09

(Business in Cameroon) - Addax Petroleum Cameroon Limited, the local subsidiary of Chinese Sinopec, has invested $1.221 billion (CFA795.8 billion based on the current exchange rate) in exploration and production of hydrocarbons between 2011 and 2021.

The National Hydrocarbons Company (SNH), which reported the figure, revealed that these resources have enabled the development of 27 drilled wells, but also, six exploration wells. "This particular commitment has been rewarded by the success of the Padouk and Foxtrot wells. At the same time, Addax has managed to improve the performance of other producing wells in the Lokele Association," SNH said without disclosing what the Chinese company has earned over the period.

The national agency said Addax Petroleum Cameroon Limited is now looking forward to resuming drilling in the associations that were closed due to Covid-19. The company will then finalize negotiations for the signing of a production sharing contract on the Ngosso block, located in the Bakassi peninsula, in the southwest region of Cameroon. A final step will see Addax continue geoscientific studies, focusing on the different mining blocks identified as part of work carried out with SNH and the Franco-British Perenco.


The President of the Central African Republic, Faustin Archange Touadéra, has pledged to respect the rules governing the financial environment of the...
During their latest meeting last March 17 in Yaoundé, the Cemac Heads of State decided on a gradual revision of the monetary cooperation framework with...
The volume of bank credit received by large companies in the Cemac region dropped by 18.2% year-on-year in the third quarter of 2022, official Beac data...
The Cameroonian Hygiene and Health Company (Hysacam) explained, in a statement published this week, the reasons behind the recent disruptions in its waste...

Mags frontpage

Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer

Albert Zeufack: “Today, the most important market is in Asia”

Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir

Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »