Madagascar: Heavy Oil Promises a Bright Future for this Island Country
Investing News Network - July 9th, 2010
Rigzone.com reported that Madagascar: Heavy Oil Promises a Bright Future for this Island Country:
Rigzone.com reported that Madagascar: Heavy Oil Promises a Bright Future for this Island Country:
Heavy oil abounds in western Madagascar. First discovered in 1842, “more than 500 core holes and 13 exploration wells have been drilled over the past century,” revealed Alex Archila, CEO of Madagascar Oil Ltd. “Due to the lack of infrastructure in the country and the resulting economics for producing the oil, most projects were abandoned. With the improvements in oil extraction technology and the surge in the price of oil, current efforts look positive.”