May 25, 2011 7:58 PM SAST

Madagascar: Total asks for licence extension

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Madagascar: Total asks for licence extension

French oil giant Total has requested a one-year extension on its exploration licence for Block 3102 in Madagascar, a senior official said on Wednesday.

Christophe de Margerie, Chief Executive Office of French oil company Total, speaks during the company's 2009 annual results presentation in Paris February 11, 2010 file photo.

"Until now, Total has been exploiting heavy oil at the Bemolanga oilfield. This time, it hopes to carry out a study on conventional oil but it will not abandon its work in heavy oil," Pascal Velonarivo, the director general of hydrocarbons within the ministry of oil and hydrocarbons told reporters.

Total signed an agreement with Madagascar Oil to operate the Bemolanga licence with a 60 percent interest.

The onshore block 3102 is in the Morondava basin on the western coast of the Indian Ocean island. Total said late last year that it was on target to produce heavy oil at Bemolanga by 2019.

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Philippe Wojazer / REUTERS
Christophe de Margerie, Chief Executive Office of French oil company Total, speaks during the company's 2009 annual results presentation in Paris
This article is copyrighted by Africa.IBTimes.com, the business news leader
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