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Oil & Gas

Oil reserves to be developed on island of Madagascar

September 18, 2008
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Bizjournals.com reports that Madagascar Oil Ltd. is teaming up with Total SA to develop huge oil reserves in the island nation of Madagascar. Madagascar, a Houston-based private E&P company, holds the largest onshore licensed acreage on the island, which lies off the east coast of Africa. Under the terms of the deal, French supermajor Total, gets a 60 percent interest and the operating license to the Bemolanga oil sands, believed to be one of the largest undeveloped bitumen reserves in the world, with more than 16 billion barrels of oil, according to an independent survey. Financial terms of the deal were not disclosed. The Bemolanga license is one of six that Madagascar and its subsidiaries, Madagascar Oil SA and Majunga Oil SARL, holds on the island.

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