Opening Up The Oilfields

In spite of the unstable political backdrop, the Malagasy authorities are reportedly planning to auction off 50 offshore oil blocks in October 2010. The sale of exploration rights will see the number of 2,000 square kilometre offshore blocks available rise significantly, from the current six. There has been no evidence of commercial oil finds in Madagascar as yet, but the authorities are optimistic that discoveries will be made over the coming two years. In separate news, the government plans to start issuing new mining licences in early 2011.

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