OMV buys more offshore Madagascar

offshore-rig-am70OMV has acquired an additional 50 per cent interest in the Grand Prix block offshore Madagascar

The acquisition of the stake from Canada’s EnerMad increases OMV’s share in the block to 90 per cent, the company stated.
The deal, of which the value was not revealed, means EnerMad will hold the remaining 10 per cent.
OMV recently launched a 3,000 sq km 3D seismic survey programme in the block using the Schlumberger-owned WesternGeco’s Magellan vessel. According to the firm, it will drill at least one exploratory well by September 2015, with the current licence for the block ending September 2017.
The deal reflects the Austrian integrated energy company’s growing interest in the block, following the initial acquisition of a 40-per cent stake from Canada’s Niko Resources in August 2013.
The 16,845 sq km Grand Prix is located at the west coast of Madgascar and spans the Morondava Basin. The basin’s deepwater offshore potential is considered as largely underdeveloped compared to the shallow-water and onshore areas.
OMV has a global refining capacity of 17.8mn tonnes and 4,100 filling stations in 11 countries as of end of 2014.

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