* Dispute involved more than $1 bln in legal claims
* Says signs new production sharing contract
(Adds context on significance of dispute, new oil contracts)
By Emma Farge
DAKAR, Jan 16 Sinopec's Addax
Petroleum said on Thursday it had successfully concluded
negotiations with Gabon over a disputed oil licence and signed a
new contract for three oil fields.
Gabon transferred the Obangue oil field from Addax to the
state oil firm more than a year ago, citing breach of contract,
in a move that sparked a $1 billion legal battle in a
The decision ends a case closely watched by investors as
Gabon tries to lure investment as part of an effort to double
oil production to 500,000 barrels per day.
"I am pleased to confirm that our efforts to resolve
amicably all existing issues and disputes have borne fruit and
resulted in the completion of our negotiations with the Gabonese
government," said Yi Zhang, chief executive of Addax Petroleum,
in an emailed statement.
It was not immediately possible to confirm the decision with
Gabon's oil ministry, although a source close to the matter also
confirmed that an agreement had been reached.
Geneva-based Addax accounts for about a third of top Chinese
refiner Sinopec's overseas oil production. The new production
sharing contract is for the Obangue, Tsiengui and Autour fields
in which Addax had previously held an interest.
(Reporting by Emma Farge; Editing by William Hardy)