BG Group Enters Madagascar with Farm-in Agreement
BG Group has acquired a 30 percent interest in the Majunga Offshore Profond exploration block in Madagascar under a farm-in agreement with Vanco Madagascar Limited. This agreement marks BG's entry into the country.
BG Group Executive Vice President for the Mediterranean Basin and Africa, Stuart Fysh, said: "The Majunga block forms part of a largely unexplored frontier basin with significant potential."
BG's partners in the block are ExxonMobil Exploration and Production Madagascar Majunga Limited (operator, 50 percent) and SK Corporation of Korea (20 percent).
The forward work program includes the drilling of an exploration well planned for early 2007. The Majunga Offshore Profond Block, which covers an area of approximately 15,840 square kilometers, is located in deep water (depths ranging from 200 to 3000 meters) off north western Madagascar, approximately 100 kilometers from Mahajanga, between latitudes 14 degrees S and 15 degrees 30S.
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