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Addax Oil Output Rises 14% After Sinopec Acquisition

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Dec. 27 (Bloomberg) -- Addax Petroleum Corp.’s crude output has risen 14 percent since the Geneva-based company was acquired by China Petrochemical Corp. in August last year as oil and gas reserves increased.

Crude production at Addax has grown to 155,000 barrels a day from 136,000 barrels a day, China Petrochemical, known as Sinopec Group, said in a statement on its website. Addax may have added 110 million barrels of oil and gas reserves this year, according to the statement.

Sinopec Group bought Addax for C$8.3 billion ($8.2 billion) to gain oil reserves in Iraq’s Kurdistan and West Africa. The Beijing-based company said this month the group’s overseas crude output may surge 40 percent to 18 million metric tons this year.

Addax’s crude production may rise to 7 million tons this year from 6.75 million tons in 2009, according to Sinopec Group. Oil and gas output may reach 20 million tons of oil equivalent by 2015, the Chinese company said.

To contact the reporter on this story: Winnie Zhu in Shanghai at wzhu4@bloomberg.net

To contact the editor responsible for this story: Clyde Russell at crussell7@bloomberg.net.

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