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The Chinese supermajor Sinopec is believed to be in talks to acquire exploration and production company Addax Petroleum in a deal believed to be worth US$8 billion.
Speculation was rife last week after Addax announced that it was in talks about a possible acquisition.
“Addax Petroleum Corporation has been made aware of press speculation involving the Corporation and the interest in it by third parties with respect to a possible acquisition or business combination,” the company said in a statement.
“In response to that press speculation, Addax Petroleum acknowledges that it has held preliminary discussions with third parties expressing an interest in a potential transaction with the Corporation.”
“While such preliminary discussions are ongoing, no assurance can be given that a transaction will be completed. Addax Petroleum does not intend to make further comment unless or until there is a transaction to announce,” it added.
Addax Petroleum has a number of projects in West Africa and Irqi Kurdistan.
The move comes after two other companies involved in oil operations in Iraqi Kurdistan, Heritage Oil and Genel Enerji, announced that they were to join forces to become HeritaGE Oil. Enoc also announced last week that it wanted to increase its stake in Dubai-based exploration and production company, Dragon Oil.
