Madagascar is not very known to be an oil-producing country. But soon it will join members of the “exclusive” oil-producing club. This follows the granting of a 25-year mining licence to Madagascar Oil, an AIM listed international oil and gas company, according to The Oil & Gas Council.
The licence allows Madagascar Oil to Mine Tsimiroro Block 3104. The company has broken record to become the first in Madagascar to progress to the development stage, as The Oil & Gas Council quoted its Managing Director, Robert Estill. It plans to develop 1.7 billion of contingent resource, which is on five onshore blocks.
“Our assets in Madagascar offer the opportunity to potentially find and develop a great portfolio of large heavy oil resources, light oil prospects and gas prospects. Not often is the industry able to find such significant contingent resources in an onshore environment,” Estill said.