ExxonMobil to Resume Exploration off Madagascar After PSC Extensions

Exxon Mobil Corporation announced Wednesday that its affiliates in Madagascar have received extensions to their production sharing contract licenses, which will enable the resumption of exploration activities on the Ampasindava, Majunga and Cap St. Andre licenses offshore Madagascar.

The decrees formalizing the extensions to all three licenses were signed July 17 by Madagascar President Andry Rajoelina.

The affiliates intend to resume exploration work and environmental assessments for shore-based and offshore operations in preparation for deepwater drilling.

ExxonMobil Exploration and Production (Northern Madagascar) Limited operates the Ampasindava PSC license and holds 70 percent interest. Sterling Energy holds 30 percent interest.

ExxonMobil Exploration and Production Madagascar Majunga Limited operates the Majunga license and holds 50 percent interest. BG International holds 30 percent, PVEP 10 percent and SK Innovation 10 percent.

ExxonMobil Exploration and Production Madagascar Limited is the operator and holds 100 percent interest in the Cap St. Andre license.

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