Cameroon energy drilling rig manufacturer

Will Saudi oil & gas contractor Ades be able to drill in Cameroon?

Saudi oil and gas drilling contractor ADES Holding has signed a $34.4 million agreement with Addax Petroleum, a subsidiary of Sinopec Group, to commence drilling operations in the Gulf of Guinea, offshore Cameroon, Business in Cameroon reports.

Does Addax have a jack-up drilling rig in Cameroon?

Under the contract, Addax will deploy ADES’ advanced Admarine 510 jack-up drilling rig at its primarily operated fields located offshore Cameroon. The agreement marks the resumption of significant exploration activities by Addax in Cameroonian waters after years of inactivity.

Is addax a major oil producer in Cameroon?

Addax Petroleum is a major oil producer in Cameroon, with its most significant proven reserves located offshore in the Rio del Rey basin. Between 2011 and 2021, Addax invested $1.221 billion in exploration and production projects across the country, enabling the development of 27 drilled wells and 6 exploration wells, according to government data.

Is Cameroon a good place to invest in oil?

Farouk added that “Cameroon offers a stable operating environment, which complements our broader regional strategy.” Addax Petroleum is a major oil producer in Cameroon, with its most significant proven reserves located offshore in the Rio del Rey basin.

Why did Ades expand to Cameroon?

ADES, which operates a robust fleet of 91 drilling platforms, recently expanded into the offshore waters of Nigeria, where it is building capacity for optimized regional operations. Farouk added that “Cameroon offers a stable operating environment, which complements our broader regional strategy.”