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Wednesday, November 27, 2013
Madagascar Oil is moving forward with its plans to begin the island nation’s first commercial sales in 2014. Madagascar uses steam injection methods to extract crude located onshore in a remote part of the island. The COO Stewart Ahmed told Reuters, “With any thermal project fuel is a major issue. Some of our projections are that we will use 20% of the crude that we produce for steam generation.”
Madagascar Oil does not have a license to sell any of the crude it has extracted, but plans to declare commerciality around February. Once this is done, a development plan will be submitted within 180 days to the government. “It will be subjected to significant scrutiny as it is the first time that the Madagascar authorities will have been confronted with a hydrocarbon development plan. So we are going to put in a thorough document,” Ahmed said.
After the government approves the plan, Madagascar Oil can begin to sell on a commercial scale aiming for 10,000 bpd during the first two to three years with gradual increases.
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