Madagascar: OMV farms into onshore blocks

OMV AG reported it will acquire 35% participating interest in Madagascar onshore Blocks 3109 and 3111 from Tullow Oil PLC, which will retain 65% and continue as operator. The transaction is subject to approval from Madagascar’s government.

OMV AG reported it will acquire 35% participating interest in Madagascar onshore Blocks 3109 and 3111 from Tullow Oil PLC, which will retain 65% and continue as operator. The transaction is subject to approval from Madagascar’s government.

OMV said 2D seismic on Block 3109 will be shot this year and the first well on Block 3111 will spud in first-quarter 2015.

OMV entered the country by acquiring 40% interest in the Grand Prix PSC from Niko Resources Ltd. last year (OGJ Online, Oct. 1, 2013). The company’s Madagascar footprint now totals more than 14,000 sq km.

“It is part of OMV’s strategy to build up a new exploration business in the region of Sub-Saharan Africa,” said Jaap Huijskes, OMV executive board member responsible for exploration and production. The first steps were taken with entries into offshore Madagascar and more recently Gabon and Namibia (OGJ Online, Dec. 18, 2013; Apr. 3, 2014).

More in Companies