The Addax subsidiary of China Petroleum & Chemical (Sinopec) had struck oil off Nigeria's coast, the Chinese oil parastatal said yesterday. The Udele-3 well of Block 137 in the Niger Delta showed a heavy daily flow of 3 365 barrels of oil and 28 300m3 of gas in a test, Sinopec said.
"It showed the huge oil exploration potential of the block in the future, and greatly increased its value." Sinopec acquired Addax last year for $7.2 billion (R55bn), the biggest foreign acquisition by a Chinese firm.
