Petroleum Africa
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Thursday, May 1, 2014
Austria’s OMV has extended its footprint in Madagascar with the signing of a farm-in agreement with Tullow Oil. The new deal gives OMV access to onshore exploration acreage of more than 14,000 sq km and at the same time it partners the company with one of Africa’s most successful independent explorers.
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.
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.”
The transaction is subject to the approval of the government of Madagascar.
Under the deal OMV will acquire a 35% participating interest in Block 3109 (Mandabe) and Block 3111 (Berenty). Tullow will keep 65% and continue as operator. 2D seismic in Block 3109 will be shot in 2014 and the first well on Block 3111 is expected to be spud in Q1 2015.
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