China Petrochemical Corporation (“Sinopec Group”), is in the final stages of acquiring Total E&P Nigeria Ltd.’s 20% share in the OML 138 PSC, offshore Nigeria, which will be managed through its wholly owned subsidiary Addax Petroleum.
Other partners in the OML 138 PSC include Chevron Petroleum Nigeria Ltd. (30%), Esso E&P Nigeria (Offshore East) Ltd. (30%) and Nexen Petroleum Nigeria Ltd. (20%). Nigerian National Petroleum Corporation (NNPC) is the OML 138 licence holder.

The OML 138 block contains the Usan field, which was discovered in 2002. The field lies approximately 100 km off the south east coast of Nigeria in water depths of between 750 - 850 m. Production started in February 2012.
The Usan development includes an FPSO designed to process up to 180,000 bbl/d and with a crude storage capacity of two million bbl.

Petroleum in Nigeria
Addax Petroleum has been active in Nigeria since 1998 and has developed into the country’s 5th largest oil producer. The company currently produces in excess of 90,000 bbl/d in Nigeria.
Addax Petroleum’s Nigeria producing assets include OML123 and OML 126 offshore Nigeria and OML 124 onshore Nigeria.
The company also holds interests in the deep offshore Block 1 of the Joint Development Zone between Sao Tomé & Principe and Nigeria.