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Monday, May 26, 2014
Madagascar Oil S.A. received approval from Madagascar’s Council of Ministers for test sales in the local market of Tsimiroro crude oil May 21.
The test sale has Madagascar Oil selling between 55,000 and 73,000 barrels of Tsimiroro crude oil starting in H2 2014, lasting for a period of up to six months under the terms of the current exploration license.
This would be the first market test of crude oil produced within Madagascar, with sales due to commence after the conclusion of a tender process involving oil marketing companies currently operating in the island nation. This test is designed to establish Tsimiroro crude as a blended heavy fuel oil substitute in the local market, mainly for power generation purposes.
Currently stored oil volumes will initially be made available for blending. The test will also provide valuable input to development planning activities, which include sales to the local market. A new purpose built facility for custody transfer, blending and truck loading has been built at the Tsimiroro Steam Flood Pilot (‘SFP’) by Madagascar Oil SA for this test period.
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