ExxonMobil to resume exploration offshore Madagascar

oil madagascar damian gadal flickrThe decrees formalising the extensions were signed on 17 July 2013 by Madagascar President Andry Rajoelina. (Image source: Damian Gadal/Flickr)ExxonMobil has said it will resume exploration offshore Madagascar after its affiliates obtained extensions for three oil and gas licences

“The affiliates intend to resume exploration work and environmental assessments for shore-based and offshore operations in preparation for deepwater drilling,” ExxonMobil said.

The US-based energy firm holds three production sharing contract (PSC) licences — Ampasindava, Majunga and Cap St. Andre — in Madagascar, which has no proven offshore hydrocarbon reserves but shares a maritime boundary with Mozambique where huge deposits of natural gas have been found, the company said.

The decrees formalising the extensions were signed on 17 July 2013 by Madagascar President Andry Rajoelina.

ExxonMobil Exploration and Production (Northern Madagascar) Limited operates the Ampasindava PSC license and holds 70 per cent interest, with Sterling Energy holding 30 per cent interest.

ExxonMobil Exploration and Production Madagascar Majunga Limited operates the Majunga license and holds 50 per cent interest. BG Group, Vietnam’s PVEP and South Korea’s SK Innovation hold 30 per cent, 10 per cent and 10 per cent respectively.

ExxonMobil Exploration and Production Madagascar Limited operates and wholly owns the Cap St. Andre license.

 

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