Sinopec's Addax seeks more North Sea investments

Fri May 24, 2013 7:48am EDT
 
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* Says evaluating several targets, hopes for 2013 deal

* Follows two multi-billion Chinese purchases last year

* Addax traditionally strong in west Africa

By Emma Farge

GENEVA, May 24 (Reuters) - Sinopec subsidiary Addax Petroleum wants to buy more North Sea assets this year, its Chief Executive said, in a sign that Chinese firms may further boost their regional investments after two multi-billion deals in 2012.

Addax, a Swiss-based oil producer and explorer which was bought by China's top refiner in 2009 for more than $7 billion, first entered the North Sea last July with the purchase of a 49 percent stake in Canada's Talisman.

In the same month, state-controlled CNOOC announced a $15.1 billion deal to take over Canada's Nexen - giving the two firms control of 13 percent of UK oil production, according to consultancy Wood Mackenzie.

"We have a competitive advantage because of Sinopec. They have strength in developing brownfield sites and we can leverage that," Yi Zhang told Reuters, referring to oil assets that are already operational.

"There are several targets at the evaluation stage. I believe that this year something will be done," he added.   Continued...