Addax Petroleum confirms signing of oil drilling agreement with Gabon

Addax Petroleum, a Chinese oil company, has expressed satisfaction after concluding talks for a new oil drilling agreement with Gabon.

"This marks the beginning of a new partnership that is mutually beneficial for the next 10 years," Addax Petroleum, subsidiary of China's energy giant Sinopec Group, said in a statement obtained here on Friday.

After talks, Gabon has inked the deal with Addax Petroleum for drilling oil in Tsiengui, Obangue and Autour fields.

"The agreement is one of its kind in Gabon's oil industry, with the Gabonese state maximizing its financial and technical interests while exploiting its natural resources," the statement added.

"I have the pleasure to confirm that our efforts to amicably resolve all existing differences bore fruits and we had successful negotiations with the Gabonese government," said Zhang Yi, CEO of Addax Petroleum.

"This happy ending was a result of constructive discussions between the two parties and reflects the historic friendship between Gabon and China. I want to thank Gabon for guiding the talks in the interest of all parties," Zhang said.

"This is excellent news for this new year and I have instructed my local team to effectively resume activities as soon as possible to guarantee the success of this new partnership," he declared.

The partnership establishes new possibilities of growth for Addax Petroleum and Sinopec in Gabon.

On Wednesday, Gabonese Petroleum Minister Etienne Dieudonne Ngoubou revealed the signing of the agreement on Jan. 9.

The Gabonese minister said the agreement was meant to end disagreements between Gabon and Addax Petroleum which began in 2007.