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...The departure follows ExxonMobil of the US, Italy’s Eni, Norway’s Equinor and China’s Addax, which have all announced deals to sell onshore assets in Nigeria in the past two years because of overlapping...
...Before that, China’s Addax sold its four oil blocs to state oil company NNPC last year....
...China’s Addax handed its four oil blocks to NNPC last November. Meanwhile, ExxonMobil’s planned $1.28bn divestment from four oilfields remains in limbo....
...Sinopec already has an interest in the Kurdistan region of Iraq following its 2009 takeover of Addax Petroleum....
...Sinopec and its Canadian listed subsidiary Addax formed the Talisman-Sinopec Energy UK Ltd joint venture with Talisman Energy in 2012, writes Lucy Hornby in Beijing....
...It was originally formed between Sinopec, its Canadian listed subsidiary Addax and Talisman Energy in 2012....
...Like Addax, Sierra Leone, a tiny coastal country of six million people, is still counting the cost of Ebola, which has already killed more than 3,000 people since the first case nine months ago....
...The move would follow Gabon’s controversial decision last year to strip Addax of its second field, Obangue, also for alleged breaches of contract....
...It now manages the reclaimed Addax assets on behalf of the state....
...In the same year as buying QPR, Agag also acquired the once-ailing Campos Racing GP2 team, which, going under the name Barwa Addax, won the GP2 series in both 2008 and 2011, and has since seen six of its...
...Sinopec already holds oil interests in Nigeria as well as Cameroon and Gabon in west Africa following its $7.2bn takeover of Addax Petroleum of Switzerland in 2009....
...The reclamation of a major onshore site from China’s Addax Petroleum comes before a licensing round for deep offshore discoveries in the Gabon Basin, said to rival the deep-water reserves lying off Brazil...
...Another investor is Alejandro Agag, a former member of the European parliament, whose London-based Addax investment outfit has teams racing in GP2 and GP3 racing series....
...“The shape of Heritage, with assets in Kurdistan and Nigeria looks similar to Addax, which was bought by Sinopec in 2009 at a 50 per cent premium,” said UBS analysts, who put a 250p target on the stock....
...Driving for the Valencia-based Barwa Addax team, Cecotto won from pole position around the streets of Monte Carlo in the GP2 in May....
...latest in a string of large deals by the company, including a $7.1bn investment in Repsol assets in Brazil; a $2.5bn investment in the Argentinian assets of Occidental Petroleum; and a $7.3bn takeover of Addax...
...Recent Chinese dominance in auctions for London-listed energy companies was illustrated last year when KNOC was beaten in a tussle to control Addax Petroleum by a $7.2bn bid from China’s Sinopec....
...The new approach might be dubbed “Addax mode”....
...Last year, Sinopec, the Chinese state oil company, beat it to the London-listed oil group Addax Petroleum....
...The government is also seeking investors for oil and gas blocks that have drawn interest from France’s Total and Swiss-based Addax Petroleum....
...Last year, Sinopec, the Chinese state oil company, beat it to Addax Petroleum, the London-listed oil group....
...Sinopec’s estimated $7.2bn acquisition of Addax Petroleum bought it reserves in west Africa and Iraqi Kurdistan....
...In June, KNOC narrowly lost out to Sinopec in a bid for Addax Petroleum, a company active in west Africa and Kurdistan. The Chinese state-controlled refiner eventually bought Addax for US$7.2bn....
...In this category, Sinopec’s $8.5bn acquisition of Addax, the Geneva-based company with assets in Nigeria and Kurdistan, was the most valuable deal of the year....
...In June, KNOC lost a bid to acquire Addax Petroleum Corp – active in west Africa and Kurdistan – to China’s Sinopec. This time, it was determined to clinch the Harvest deal....
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