OMV Expands Portfolio in Madagascar

Source: www.gulfoilandgas.com 4/30/2014, Location: Africa

After acquiring an interest offshore Madagascar last year, OMV is taking the next step to expand its position in the country by signing a farm-in agreement with Tullow, an exploration-led company that has been very successful in finding and developing new resources onshore and offshore Africa.

Jaap Huijskes, OMV Executive Board member responsible for Exploration and Production: "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, OMV is expanding its footprint in Madagascar to onshore exploration acreage of more than 14,000 km² 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.

Details on the agreement with Tullow:
OMV will acquire a 35% participating interest on Block 3109 (Mandabe) and Block 3111 (Berenty). Tullow will keep 65% and continue as operator. 2D seismic in Block 3109 to be shot in the course of 2014. First well in Block 3111 to be spud in Q1 2015.

For more information about related Opportunities and Key Players visit East Africa Projects


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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