Addax Petroleum was created in 1994 and since August 2009 has been a subsidiary of the Sinopec Group, one of the largest oil and gas producers in China, the biggest oil refiner in Asia and the third largest worldwide. Addax Petroleum was founded in 1994 upon leading petroleum industry expertise and a deep-rooted understanding and respect for African cultures. Over the years, Addax Petroleum has evolved from a young pioneer into an established international oil and gas, exploration and production company focused on Africa, the Middle East and the North Sea. Addax Petroleum was originally part of the Addax & Oryx Group of Companies (AOG) which was founded in 1987. In 1989 AOG embarked on an ambitious expansion programme with the aim of becoming a vertically integrated oil company focused on the African continent. This led to the creation of Addax Petroleum in 1994 by Marc Lorenceau, a partner from the AOG trading group. Addaxs initial steps in the upstream business was the acquisition of the Espoir field offshore Ivory Coast that had been relinquished by Phillips in 1988. Four years later, Addax Petroleum sold its remaining equity in the Espoir field to CNR (Canadian Natural Resources). In 1998, as oil prices were dropping, Ashland Oil Nigeria was for sale as the company wanted to leave the countrys upstream sector. Perenco appeared to be the best bidder for Ashlands assets. However, the bidding process was overturned and these assets were eventually awarded to Addax Petroleum for the official amount of twenty million US dollars. After the tragic death of Mr. Lorenceau in a ski accident in late 2001, Jean Claude Gandur became the companys Chairman and CEO until the takeover by the Sinopec Group in August 2009. The Companys average daily oil production for 2011 was 140,000 bbl/d. Year-to-date average daily oil production as of Q3 2012 was 167,000 bbl/d (this figure does not take the Talisman-Sinopec Energy UK nor the OML 138 production figures into account).