ExxonMobil cleared to pursue offshore Madagascar deepwater studies

ExxonMobil (NYSE: XOM) has secured extensions to its three production sharing contract licenses offshore Madagascar.

Offshore staff

IRVING, Texas – ExxonMobil (NYSE: XOM) has secured extensions to its three production sharing contract licenses offshore Madagascar. This will allow resumption of exploration activities on the Ampasindava, Majunga, and Cap St. Andre concessions.

The planned work program includes exploration and environmental assessments for shore-based and offshore operations in preparation for deepwater drilling.

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

ExxonMobil Exploration and Production (Northern Madagascar) Ltd operates the Ampasindava PSC license with a 70% interest, with Sterling Energy holding the remaining 30%.

ExxonMobil Exploration and Production Madagascar Majunga has a 50% operated interest in the Majunga license, in partnership with BG International (30%), PVEP (10%), and SK Innovation (10%).

ExxonMobil Exploration and Production Madagascar Ltd has a 100% interest in the Cap St. Andre license.

11/07/2013

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