Petroleum Africa
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Saturday, June 8, 2013
Addax Petoleum, Sinopec’s subsidiary, is enmeshed in a legal dispute with Gabon over an oilfield. The oil ministry alleges that Addax failed to pay customs duties and comply with other laws and in May said Addax could lose its license to operate in the country.
According to reports claims and counter claims in the dispute total more than $1 billion.
Gabon conducted audits in 2011 and 2012, with the ministry of oil transferring the Obangue oilfield away from Addax to the Gabon Oil Co. in January, the state-oil firm’s website said.
The situation between the the state and Addax has worsened with the ministry saying it will not renew the Addax license for the Tsiengui field. Two other companies face similar actions.
Addax believes the government is in breach of contract over the Obangue takeover in January, Gastien Matsanhanga, an Addax representative in Gabon, told Bloombeg. Three judges have been appointed to arbitrate on the dispute, he said.
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