ADDAX Petroleum celebrates 5th Anniversary

The staff and management of ADDAX Petroleum, on December 5, 2014, at the Head Office of the Company, celebrated its 5th anniversary.

The festivities of the company’s 5th anniversary of undiluted commitment to the Cameroonian petroleum sector and the general public was presided over by Aboubakar Njikap, representative of the Governor of the Littoral Region.

The Governor’s representatives, Directors of private and public parastatals and the general public that joined the staff and management of ADDAX Petroleum Company were warmly welcomed to the premises of the Company by the General Manager of ADDAX Petroleum, Roger Beaumont.

It should be recalled that the name ADDAX Petroleum became widely known in Cameroon in 2011 after the acquisition of the American Oil Company, PECTEN Cameroon.

Tracing the origin of ADDAX Petroleum Cameroon Ltd that today standS tall in the world’s petroleum sector, an official of the Company explained to reporters, during the anniversary celebrations, that the Company was initially owned by a Swiss Firm as far back as 2002.

In 2009, he said; Chinese Company, SINOPEC, acquired ADDAX Petroleum Cameroon Ltd, and decided to maintain the name. Then in 2011, PECTEN Cameroon was acquired by SINOPEC and the two Companies were merged and later baptised ADDAX Petroleum Company Ltd.

Meanwhile, the 5th anniversary celebrations of ADDAX Petroleum were not only punctuated by speeches and sketches, but the staff of the company equally showcased what they offer and how they operate. The Management, Contracts and Procurement Department of the Company projected a video of the Company; highlighting the strides the Company has made within five years and the Company’s prospects for the future.

In fact, those who visited the various exhibition stands were left gaping because of the output of the nine different departments of the Company.

The premises of ADDAX Petroleum during the 5th anniversary celebrations of the Company was not only visibly transformed into an attraction centre, but it also metamorphosed into a cultural Eldorado, as traditional dance groups from almost all the Regions in Cameroon were on hand to spice the occasion.

During the visit to the various exhibition stands, it was discovered that the Exploration Department manages and supervises all operations and related activities in the Ngosso, Iroko and Mokoko Abana Fields. It was said that the Exploration Department plays a key role in an oil company, and any error on the part of that Department can be very damaging to the Company’s finances.

Besides carrying out highly technical exploration work offshore in search of areas of oil deposits, the Exploration Department also carries out crucial technical findings to assess the estimated quantity of crude oil that is underground in a newly found field.

An official of that Department explained that it is the quantity of oil underground that enables an oil Company to decide whether to drill an oil well or not. She disclosed that it costs circa CFA 17.5 billion to drill just one oil well.

She said in such a situation, the Company will only decide to drill a well in an area if the oil deposit can produce at least one million barrels of oil. If not, it will not be profitable for a company to spend so much money to drill an oil well that will not fetch much for the company.

Robust Corporate Social Responsibility

As a citizen-friendly enterprise, the management of ADDAX Petroleum has already put in place a robust corporate social strategy, with the objective of “creating a positive presence and legacy in Cameroon through active contribution to poverty alleviation.” The social and development investments projects carried out by ADDAX Petroleum, fall under the External Affairs Department of the company. The company funds the social projects within the spirit of “Good Neighbourhood – Good Business.”

The GM of ADDAX Petroleum, Roger Beaumont, told reporters during the anniversary celebration that the company, in its social and development programme, is focusing mainly on three domains: Health, Education and Development. He asserted that much efforts are already been made by the Company to assist the local population, especially host communities around the company’s assets.

“This explains why many social and development projects are being carried out by ADDAX Petroleum in Ndian Division, for example.

ADDAX Petroleum has, in the last three years, spent over FCFA 875 million on social and development projects for local communities around the company’s assets. ADDAX Petroleum has funded projects to upgrade hospitals, renovate schools, and provide public fountains, among many other projects.”

According to the GM, a potable water project in Bamusso in Bakassi costs CFA 31 million, while the Ekondo Titi Centre for Child in Distress Project costs FCFA 105 million. Beaumont also disclosed that there is an ongoing project in Ndian Division funded by ADDAX Petroleum to support pupils and students in schools in Bamusso and Idabato Council areas for the 2014/2015 school year. “For the month of December, ADDAX Petroleum will, as part of the project pay, the registration fees of pupils and students in examination classes.”

ADDAX has equally funded a number of projects like the donation of laboratory equipment to the Universities of Buea and Douala. ADDAX Petroleum has also set up a programme of Strategic Partnership with local universities. There are sub-programmes which are work experience, internship and university partnership-student internship. This year, a total of 37 persons have benefited from the programme of strategic partnership with local universities and that has cost ADDAX over FCFA 20 million.

First Five Years Were Years Of Preparation

Talking about the first five years of ADDAX Petroleum, Beaumont said it was mainly a period of planning and preparations by the Company. That it was a period for the Company to lay the groundwork in the field. “We have prepared projects. In fact we have many projects in Cameroon,” Beaumont said adding that he was quite optimistic that the coming years will be the period for the Company to realise its project.

“The coming years will also demand heavy investments by the Company. It will also demand that much effort be made by personnel of the Company. ”