OMV has signed a farm-in agreement with Tullow, an exploration-led firm that has been successful in finding and developing new resources onshore and offshore Africa, according to the company
Jaap Huijskes, OMV executive board member responsible for exploration and production said, "It is part of OMV's strategy to build up a new exploration business in the region of Sub-Saharan Africa.
"The first steps were taken with entries into offshore Madagascar and more recently Gabon and Namibia. We are delighted to announce another farm-in agreement, this time onshore Madagascar."
With this new deal, the Austrian oil and gas major is expanding its footprint in Madagascar to onshore exploration acreage of more than 14,000 sq km and at the same time partnering with an important and experienced player in the African exploration business.
As part of the ongoing exploration campaign in these permits, OMV will participate in additional 2D seismic acquisition in the Mandabe block and the drilling of the first well in the Berenty block.
The transaction is subject to the approval of the government of Madagascar.