. Medical and Hospital News .




ENERGY TECH
Chinese oil firm Addax targets Nigeria for growth
by Staff Writers
Abuja (AFP) Feb 20, 2013


Chinese energy firm Addax said on Wednesday it was seeking further growth in Nigeria after the recent purchase of a significant offshore stake from France's Total in Africa's largest oil producer.

Chinese firms have so far had limited impact in Nigeria's oil industry in comparison to Western companies such as Shell and ExxonMobil.

But an executive from Addax, owned by China's Sinopec, told an industry conference here it was hungry for more.

Speaking of Sinopec's international arm SIPC, Cornelis Zegelaar, managing director for Addax's Nigerian branch, said "Nigeria is the most important for us and the biggest producer."

"So when I was in Beijing last month when I was meeting with the top leaders of Sinopec, they told me that I have to do everything possible to make sure that the operations are not only run efficiently and safely, but also that they will grow the business," he said.

He told AFP that Addax was now producing more than 90,000 barrels per day from four licenses in Nigeria, mainly in the shallower offshore areas.

That remains significantly below major producers in Nigeria, where total output is currently at around 2.0 million barrels per day.

Total announced in November the sale of its 20-percent stake in an offshore bloc to Sinopec, whose official name is China Petroleum & Chemical Corporation, for $2.5 billion (2.0 billion euros).

The OML 138 bloc, which includes the Usan oil well in production since last year, is co-owned by US groups Chevron and ExxonMobil and Canadian company Nexen.

"Let's say it's our first step to get into deepwater -- a modest step, but we are certainly committed to growth internationally, and certainly in Nigeria," Zegelaar told AFP.

Total said the sale of its stake in the bloc did not signify any loss of confidence in production in Nigeria, which has been seeking to overhaul taxes and other aspects of the industry for years.

Charles Ngoka, a deputy managing director for Total's Nigeria operations, pointed to its plans to develop the Egina offshore field as proof of its commitment to the country.

Total currently produces around 500,000 barrels of oil equivalent per day in Nigeria, said Ngoka.

"Our strategy is to make sure that we use our resources in the places that we want them," he told AFP.

While China has begun making inroads in Nigeria's oil industry, other major Western firms, including Shell and Exxon, also expressed their continued commitment to operating in the country at the conference on Wednesday despite insecurity and other challenges.

The industry has also been in tough negotiations with the government over a planned sweeping overhaul of the industry years in the making that would rework taxes and royalties as well as restructure the state oil firm, among other issues.

Industry executives have warned that the taxes and royalties as written in the legislation are too harsh and would freeze out new investment. Nigeria's government says the proposed terms are fair, but has said it is open to a compromise.

Certain analysts and industry executives have expressed doubts that the long-delayed bill would be passed this year as too many issues remained to be negotiated. The uncertainty has already limited new investment by major oil firms in the country as the tax impact remains unclear.

.


Related Links
Powering The World in the 21st Century at Energy-Daily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review

Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Get Our Free Newsletters
Space - Defense - Environment - Energy - Solar - Nuclear

...





ENERGY TECH
Merkel cautious on 'fracking' in Germany
Berlin (AFP) Feb 20, 2013
Chancellor Angela Merkel on Wednesday expressed caution over whether the revolutionary oil and gas technique of "fracking" could be introduced in Germany, saying public safety was the main concern. The technology of "hydraulic fracturing", which has unlocked immense gas and oil resources and changed the geopolitics of energy, would "very probably also open up new gas deposits in Germany," Me ... read more


ENERGY TECH
Four guilty of manslaughter in Italy quake trial

Warning of emergency alert system hacks

No health effects from Fukushima: Japan researcher

Aid trickles into tsunami-hit Solomons despite aftershocks

ENERGY TECH
Telit Offers COMBO 2G Chip For Multi Satellite Positioning Receiver

Boeing Awarded USAF Contract to Continue GPS Modernization

A system that improves the precision of GPS in cities by 90 percent

System improves GPS in city locations

ENERGY TECH
Zuckerberg, Brin join forces to extend life

Thick hair mutation emerged 30,000 years ago in humans

Tiny mutation had big evolutionary impact

Bilingual babies get good at grammar

ENERGY TECH
2012 another deadly year for elephants in Africa: CITES

X-ray laser sees photosynthesis in action

Python hunt in Everglades nets just 68: organizers

Biodiversity helps protect nature against human impacts

ENERGY TECH
Humans and chimps share genetic strategy in battle against pathogens

Cold resistance runs in genes

Flood-hit Mozambique battles cholera outbreak

Cambodia reports sixth bird flu death this year

ENERGY TECH
US slams 'horrific' toll of Tibet self-immolations

Tibetan monk's burning marks 100th immolation bid

Dodging the censors in China

Tibetan burns himself to death in China: reports

ENERGY TECH
16 gunmen killed in Thai military base attack: army

Japan police arrest mobster in Fukushima clean-up

Mexico scrambles to stem violence near capital

11 kidnapped Sudanese freed in Darfur: media

ENERGY TECH
London elbows out HK for pricey offices, as Rio rises

Argentine inflation up, presaging hardship

China holiday retail sales jump 15%: government

EU financial transaction tax divides union




The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement