OMV has expanded its onshore Madagascar portfolio in line with its overarching upstream growth strategy.
OMV agreed a farm-in agreement with Tullow, increasing the firm’s onshore exploration acreage to more than 14,000 km².
Jaap Huijskes, OMV executive board member responsible for exploration and production, said: “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.”
OMV will play a critical role in an additional 2D seismic acquisition in the Mandabe block, which will take place later this year, and the drilling of the first well in the Berenty block. The first well in the Berenty block is due to be spud in the first quarter of next year.
OMV will acquire 35% participating interest on Block 3109, Mandabe and Block 3111, Berenty. Tullow will retain the majority stake and remain the site’s operator.