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It makes you think why the the Chief Financial Officer of Addax Petroleum , a subsidiary of Sinopec Group the third largest worldwide third & the biggest oil refiner in Asia joined a small O&G company in Nigeria?
If you check Addax's website you'll find that they have a very interesting portfolio of valuable assets in Nigeria:
ONSHORE •OML 124 100% - Operator: Addax Petroleum
OFFSHORE •OML 123 Working Interest 100% -Operator: Addax Petroleum •OML 126 Working Interest 100% -Operator: Addax Petroleum •OML 137 Working Interest 100% -Operator: Addax Petroleum •Okwok Working Interest 12% 12.00 -Operator :Oriental
The level of China's investment in the continent of Africa has been increasing at a steady rate & Mining and oil remain a primary focus of China's investments. There are three key players taking an almost equal share in the forecasted US$15 billion development and production capital expenditure in Africa’s upstream sector:
1-The China National Petroleum Corporation (CNPC) 2-The China National Offshore Oil Corporation (CNOOC) >>>>>>>>>>3-The China Petroleum & Chemical Corporation (SINOPEC) <<<<<<<<<<<
Coa Chai, an upstream analyst at data and analytics company GlobalData, says, “Around two-thirds of the spending is in Nigeria, Angola, Uganda and Mozambique. SINOPEC and CNOOC are well established in Nigeria and Angola, while CNPC has a stake in the Rovuma LNG project in Mozambique.”
One of China's largest trade partners is Africa's largest oil producing nation, Nigeria. Nigeria currently pumps 2 million barrels of oil a day and has a goal of producing 3 million barrels per day by 2023. As China’s domestic oil production continues to decline, experts predict that in the next 15 years up to 80% of China’s crude oil supply will be imported.
Back in November 2018 the 3D seismic acquisition and processing operations undertaken by Sinopec at Otakikpo was completed to optimise the planned Phase Two development. First Bank Nigeria Plc issued a guarantee on behalf of Otakikpo Joint Operation (LEKOIL and GEIL) in favour of SINOPEC towards the release of final report on the 3D seismic data acquired from the Otakikpo marginal field. The obligation on the SINOPEC contract was fully settled in January 2019 and guarantee withdrawn.
They Chinese have good presence in Nigeria for and I do believe they had their eyes on LekOil for quite long time. They are known for being pragmatic when it comes to business so I think Sinopec tested the water with LekOil in Otakikpo's 3D seismic acquisition and processing operations contract. They liked company and waited for the best opportunity to potentially take over the company while the share price is on its knees.
I do believe there is alot going in the background & appointing Edward During Addax Petroleum's CFO for the past 10 years as the new CFO of LeKoil is to conduct pre-acquisition due diligence from within "the seller's" business.
Edward brings a wealth of knowledge & experience to LekOil. He was the CFO of Addax petroleum for 10 years which is 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 ! He must saw something special in LekOil that made him quit his prestigious job and move to LekOil.
From linkedIn: Edwards During, a leader with strong finance and people management skills, with a track record of leading and developing high calibre finance and commercial teams in challenging environments. UK Chartered Accountant, with over 30 years UK and international experience in the oil and gas industry. Currently working for Lekoil Limited since January 2020 as their CFO. Prior to that worked for Addax Petroleum (a subsidiary of China’s SINOPEC) for 10 years in various leadership positions, including General Manager Business Services, Director Finance and Administration and CFO for all Addax companies in Nigeria. Prior to that, held several leadership finance positions in Marathon Oil Corporation, in various countries for 20 years, including UK, US, Gabon & Indonesia, overseeing: Finance and Accounting, Commercial, IT, HR, Administration, SCM, Regulatory Affairs (PSC & JOA) & CSR.
Chief Financial Officer Addax Petroleum Jul 2009 – Dec 201910 years 6 months Lagos, Nigeria Held various leadership positions including General Manager Business Services, Director Finance and Administration and lastly as the CFO for all Addax companies in Nigeria (SINOPEC group company). Led the organization's Accounting and Finance, Commercial, Business Planning, Insurance and Risk Management, Internal Control and Audit and IT functions. Member of the Board of Directors, the Leadership team, and the Tender Board. Held various leadership positions including General Manager Business Services, Director Finance and Administration and lastly as the CFO for all Addax companies in Nigeria (SINOPEC group company). Led the organization's Accounting and Finance, Commercial, Business Planning, Insurance and Risk Management, Internal Control and Audit and IT functions. Member of the Board of Directors, the Leadership team, and the Tender Board.
I am expecting a lot this year from the newly appointed BOD, those directors are experienced & very well connected in the O&G sector.. 2020 will be a transformational year for LekOil !