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Madagascar has announced an oil licensing round to be held in conjunction with Africa Oil Week from 5-9 November 2018. “With the aim of intensifying offshore exploration activities, we are delighted to announce that OMNIS will be inviting investment from interested parties, during a licensing round to start in November 2018.

Vibrant oil sector in AfricaWe are working together with TGS and BGP to create an attractive environment for exploration in the offshore, and we are confident that this will signal the start of renewed investment for the upstream oil sector in Madagascar,” says Voahangy Nirina Radarson, General Manager of OMNIS, the agency responsible for hydrocarbons and mining in Madagascar.

Exploration in Madagascar began in the early 20th century with the discovery of heavy oil-rich sedimentary basins in the west. However, this frontier region remains relatively under-explored. The island shares a maritime boundary with Mozambique, which is in the same oil province where large quantities of natural gas have been discovered. Recent studies have resulted in new data that suggest there is significant potential for future discoveries on- and offshore.

According to the African Energy Chamber, the oil industry across the continent continues to be strong. The rebound in global commodity prices has translated in renewed optimism and investment across the continent’s energy value chain, leading to improved policy dialogue and increased international investments across Africa’s energy markets, it said in a statement.

“The African Energy Chamber has capitalised on the market’s dynamism to multiply networking activities, advocate for reformed policy frameworks and further encourage investment in the continent’s energy industry,” the statement said.

“The last two months have been record-breaking for the African oil and gas sector and the Energy Chamber. We saw a tremendous uptick in membership registration over the past two months alone from NOCs, IOCs and service companies and raised more than $500,000 over that period. I am proud that the majority of our fundraising and support comes from African energy companies, which shows broad-based support across Africa. This ensures that we are going to have the resources to advocate for an enabling environment when it comes to doing business in Africa and push for more for deals that they have been traditionally excluded from,” adds the Chamber’s executive chairman, NJ Ayuk.

He says that the African Energy Chamber now intends to focus on the international exposure of Africa’s oil sector by taking its community and network across geographies, notably Russia and China. At the invitation of Alexander Novak, Russian Minister of Energy, and Anton Kobyakov, Advisor to President Vladimir Putin, the African Energy Chamber will be leading a strong delegation of African government and private sector officials to the Russian Energy Week to discuss Russian investment in Africa. Another such dialogue is being planned in Beijing in the first half of 2019 so that the chamber’s members benefit from an open discussion with Chinese investors and stakeholders.

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