Gabon: Addax resolves dispute with new PSCs for three fields

Sinopec subsidiary Addax Petroleum has successfully resolved its multimillion dollar legal dispute with the government of Gabon, signing a new production-sharing contract for the Tsiengui, Obangue and Autour oil fields. Addax said the agreement “marks the beginning of a new mutually beneficial partnership for the next ten years”. Following an audit of its hydrocarbons sector, in January 2013 the government rescinded Addax’s licence for its 9,000 b/d Obangue field, citing “bad management, instances of corruption, various environmental faults and having exported large quantities of oil without paying taxes”, transferring operations of the area to the newly created Gabon Oil Company.