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OMV takes on stake in Madagascar fields

Austrian company acquires working interests from Tullow Oil.
By Daniel J. Graeber   |   April 30, 2014 at 9:48 AM   |   Comments

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VIENNA, April 30 (UPI) -- Austrian energy company OMV said Wednesday it was expanding its footprint in the African market by acquiring a stake in interests in Madagascar from Tullow Oil.

"It is part of OMV’s strategy to build up a new exploration business in the region of Sub-Saharan Africa," Jaap Huijskes, a board member in charge of exploration and production, said in a statement.

OMV acquired a 35 percent working interest in two reserves areas onshore Madagascar for an undisclosed sum. The Austrian company said it expects to conduct a seismic survey to get a better understanding of the reserve potential in the Mandabe block later this year and could drill into the Berenty block in 2015.

There was no statement from Tullow Oil on the acquisition.

Madagascar is considered frontier exploration territory and no oil or gas production has been reported as of 2010.

The country in October held its first election since a coup pushed the country toward war in 2009.

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