please help improve it or discuss these issues on the talk page . learn how and when to remove these template messages a major contributor to this article appears to have a close connection with its subject . it may require cleanup to comply with wikipedia s content policies particularly neutral point of view . please discuss further on the talk page . january 2013 learn how and when to remove this template message this article contains content that is written like an advertisement . please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view . january 2013 learn how and when to remove this template message this article contains weasel words vague phrasing that often accompanies biased or unverifiable information . such statements should be clarified or removed . january 2013 learn how and when to remove this template message addax petroleum type private industry petroleum industry founded 1994 products petroleum oil & gas website addax petroleum addax petroleum was created in 1994 and since august 2009 has been a subsidiary of the sinopec group one of the largest oil and gas producers in china the biggest oil refiner in asia and the third largest worldwide . addax petroleum was founded in 1994 upon leading petroleum industry expertise and a deep rooted understanding and respect for african cultures . over the years addax petroleum has evolved from a young pioneer into an established international oil and gas exploration and production company focused on africa the middle east and the north sea . contents 1 history 1.1 chronology 2 continuous production growth 3 asset growth 4 corporate culture 5 references 6 external links history edit addax petroleum was originally part of the addax & oryx group of companies aog which was founded in 1987 . in 1989 aog embarked on an ambitious expansion programme with the aim of becoming a vertically integrated oil company focused on the african continent . this led to the creation of addax petroleum in 1994 by marc lorenceau a partner from the aog trading group . addax s initial steps in the upstream business was the acquisition of the espoir field offshore ivory coast that had been relinquished by phillips in 1988 . four years later addax petroleum sold its remaining equity in the espoir field to cnr canadian natural resources . in 1998 as oil prices were dropping ashland oil nigeria was for sale as the company wanted to leave the country s upstream sector . perenco appeared to be the best bidder for ashland s assets . however the bidding process was overturned and these assets were eventually awarded to addax petroleum for the official amount of twenty million us dollars . after the tragic death of mr. lorenceau in a ski accident in late 2001 jean claude gandur became the company s chairman and ceo until the takeover by the sinopec group in august 2009 . chronology edit 1994 addax petroleum founded . psc for espoir field in ivory coast 1998 acquisition of ashland nigeria assets . company average production of 8 800 bopd 1999 first drilling campaign in oml 123 offshore nigeria 2000 oml 123 ebuguu northeast discovery offshore nigeria 2001 oml 123 adanga south discovery offshore nigeria . death of founder marc lorenceau . 2002 company average production of 40 000 bopd . ngosso concession agreement signed offshore cameroon 1 2003 oml 123 oron west & north discoveries offshore nigeria . oml 124 drilling campaign onshore nigeria 2005 company average production of 75 000 bopd . first oil in opl90 oml 126 okwori field offshore nigeria . 3 pscs signed in the nigeria s o tom & principe joint development zone jdz . farm in agreement signed on taq taq field kurdistan region of iraq kri 2 2006 listing on the toronto stock exchange tsx . acquisition of pan ocean energy s assets onshore and offshore gabon 2007 company average production of 126 000 bopd . addax petroleum foundation established . listing on the london stock exchange lse 3 2008 psc on iroko licence signed offshore cameroon 2009 acquisition of addax petroleum by the sinopec group . 4 first exports of crude from taq taq field iraqi kurdistan 2011 company average production of 140 000 bopd . acquisition of royal dutch shell s upstream assets offshore cameroon . 5 sinopec addax petroleum foundation established 2012 creation of talisman sinopec energy uk ltd joint venture company . 6 acquisition of total s.a. s interest in oml 138 deep offshore nigeria . 7 opening of houston office united states 2014 oml 138 total s.a. s interest acquisition fails to receive nigerian s authorities approval . 8 continuous production growth edit the company s average daily oil production for 2011 was 140 000 bbl d. year to date average daily oil production as of q3 2012 was 167 000 bbl d this figure does not take the talisman sinopec energy uk nor the oml 138 production figures into account . as part of its vision 500 addax petroleum aims to reach an average daily production of 500 000 barrels of oil by 2015 . as of today this figure is highly unlikely to be reached anytime soon . addax petroleum is currently the 2nd largest oil producer in cameroon the 4th largest in gabon and the 5th largest in nigeria . the ttopco joint venture company together with genel energy is the largest oil producer in iraqi kurdistan while the newly created talisman sinopec energy uk ltd joint venture company in which addax petroleum holds 49 % is the 4th largest uk oil producer 2011 figures with an output of approximately 70 000 bopd . asset growth edit addax petroleum has a high quality asset base consisting of a number of onshore and offshore exploration development and producing fields in nigeria gabon cameroon and the kurdistan region of iraq as well as the uk north sea s continental shelf . corporate culture edit addax petroleum s motto is each step makes a difference and difference is our strength . the company motto reflects the fact that addax petroleum puts strong emphasis on cross cultural management as the company brings together employees from many different cultural backgrounds under chinese management . references edit http www.offshore mag.com articles print volume 63 issue 10 news addax expanding extending production from marginal nigerian fields.html http www.genelenergy.com about us history.aspx archived copy . archived from the original on 2012 08 19 . retrieved 2013 01 31 . http www.bloomberg.com apps news pid newsarchive & sid airojnex00t8 http www.chinadaily.com.cn bizchina 2011 11 04 content 14038231.htm http www.bbc.co.uk news uk scotland scotland business 20759974 http www.bloomberg.com news 2012 11 19 total sells nigeria oil field to sinopec for 2 5 billion.html http www.africaintelligence.com aem oil 2014 11 18 exxon takes over operatorship on usan from total 108048447 gra external links edit addax petroleum sinopec addax petroleum foundation retrieved from https en.wikipedia.org w 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