Addax/NNPC to invest $3.5bn in onshore, offshore operations


By Sebastine Obasi

ADDAX Petroleum Development Limited, in collaboration with the Nigeria National Petroleum Corporation, NNPC plans to investment about $3-5 billion to optimize its operations in Nigeria and increase production from its existing assets, both onshore and offshore, part of which includes its current drilling activities in the Njaba field in the oil mining lease, OML 124.


In a statement obtained by Vanguard, Addax stated, “The first oil producer in this drilling campaign was recently drilled and completed ahead of schedule and at significantly lower cost than budget. Preliminary well test results have also exceeded projected average oil production potential.”

This is coming at a time Addax and NNPC production sharing contract, PSC,  trained over 600 youths from its host communities in three Niger Delta states of Imo, Akwa Ibom and Rivers at the Federal…

Read More…..Vanguard Newspaper