Home / 2009's winners and losers in the oil industry

2009's winners and losers in the oil industry

by Kevin Baxter on Dec 22, 2009

1 Comment

The Iraqi oil auctions. (Getty Images)

Addax Petroleum

The Swiss-Canadian exploration and production company spent the first half of 2009 being pursued by a number of major oil companies before finally succumbing to an offer worth around US$7.2 billion from Chinese supermajor Sinopec.

Addax Petroleum had become one of the largest producers in West Africa, holding significant licences in Nigeria and Gabon, but it was the two licences held in Iraqi Kurdistan, for the Taq Taq and Sangaw North, that had attracted interest from the big players.

The company was helped by the recent thawing of relations between the Iraqi Oil Ministry and the Kurdistan Regional Government (KRG), but credit should be given to the company for being one of the first E&P companies to enter the semi-autonomous region. The courage has paid off
and with a rich benefactor behind them it seems the future looks bright.

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FEATURED COMMENT

I'm not sure the NOCs are out of the woods yet! Nice feature though

1 Comments

Readers' Comments

Nick (Jul 14, 2009)
Dubai
United Arab Emirates

NOCs
I'm not sure the NOCs are out of the woods yet! Nice feature though

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