DOCSLIB.ORG

Madagascar’S Extractive Sector: Current Status and Perspectives

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Madagascar’S Extractive Sector: Current Status and Perspectives Ministry at the Presidency in charge of Mines and Petroleum (MPMP) Madagascar’s Extractive Sector: current status and perspectives Presented by ZAFILAHY Ying Vah, Minister of Mines and Petroleum TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 GENERAL OVERVIEW OF THE MINING SECTOR Legal framework Mining Code Special regime for Large scale Investments in the Malagasy Sector (LGIM) Status Predominance of Artisanal and Small scale mining: 500, 000 full time and up to 1,000,000 seasonal jobs Few large scale mining companies: Ambatovy with an initial investments of 8 billions USD, RioTinto QMM with 931 millions USD, and Kraoma (national company). Impact to the economy 4.18% contribution to the GDP in 2014 We are expecting that the mining impact to the economy would reach the equivalent of 6 to 8% of GDP in couple of years TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 MINERAL POTENTIAL OF MADAGASCAR Data Coverage Improved geologic maps with support from the WorldBank Improved knowledge on mining assets Geologic maps available in various scales 1 :1 000 000, 1 :500 000, 1 :100 000 Updated mineral potentiality map TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 PRECIOUS STONES G E M S T O N E S TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 GOLD G O L D TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 FERROUS METALS F E R R O U S M E T A L S TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 MINING QUARRIES The mining quarry is the unit of occupation of the Malagasy sub-surface. • PR - Exploration Permit 5 years – renewable two times, 3 years each Transferable Environmental commitment plan • PE – Exploitation Permit 40 years - renewable for a further 20 years Transferable Environmental Impact Assessment prior any activities TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 COME TO VISIT MADAGASCAR AND INVEST IN OUR MINERAL SECTOR? Attractive mining code Securisation and guarantee of stability (mining code; LGIM*); Legal, tax and customs advantageous for investors who opted for LGIM The first African country to have set up the mining cadastre system (The Bureau de Cadastre Minier de Madagascar was established in 2000). A mining Business Center of 6600 m2 was inaugurated by His Excellency Mister President of Republic of Madagascar on September 1st, 2017 near to the Ivato international aeroport Candidate country to the EITI process Integrated projects being financed and implemented through the CBI TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 MADAGASCAR OIL AND GAS SECTOR: ACREAGE AND VENTURES TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 BASINS OVERVIEW Sedimentary basins representing a prospective exploration target with over 1,000,000 km2; 12 IOC operating in 16 petroleum blocks Much of the acreage is underexplored and opportunities are there No less than 05 active oil systems are present (proven by the Tsimiroro Heavy Oil and Bemolanga Tar Sands Deposits, as well as light oil and gas shows in drilled wells). TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 Madagascar: Petroleum Blocks Onshore exploration is more advanced than offshore. There are many unlicensed blocks offshore. Madagascar Oil is the first to exploit the Tsimiroro giant heavy oilfield TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 Data: 45 % of basin surface are covered by exploration data : Geophysics: 2D and 3D Seismic, Gravimetry, Magnetics… ; Geochemistry 82 exploratory wells (53 % with oil and gas shows) 686 non-conventional oil wells (Tsimiroro and Bemolanga) Evaluation Reports available TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 Data (cont’d): The Malagasy Authorities are working with Data Providers* to attract investment and to target the underdeveloped opportunities. Modern Multi-Client data covers much of the onshore & offshore and the unlicensed blocks. We hope that companies use these data to target opportunities and then come to invest in Madagascar *TGS, BGP, Spectrum, CGG…. TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 Madagascar as a New Frontier “More oil and gas has been discovered in East Africa in the last few years than in any other region in the world” Source: Deloitte "the most dynamic recent developments in the African natural gas sector have been in East Africa,“ Source: Ernst & Young “Significant gas reserves have been found in Mozambique and Tanzania, where LNG facilities are now been planned. Drilling will kick off in Ethiopia later this year, while Madagascar is believed to hold significant reserves ” Source: Jacinta Moran, Platts (7/12/12) TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 A FARSIGHTED AND INVESTMENT-FRIENDLY POLICY OBJECTIVES Develop an institutional framework suitable for the development of oil activities while preventing any conflict of interest. Develop legal and contractual framework guaranteeing the rights and security of investments of the oil companies as well as the State’s interests. Manage efficiently the hydrocarbons revenue. Improve environmental management in sensitive or protected areas, through a specific regulatory framework. Ensure that oil activities contribute to national and local development; Build knowledge about potential of oil resources to achieve optimum production as well as its efficient management. Develop national expertise and capacity on hydrocarbons TRADE & INVESTMENT FORUM -LONDON, SEPTEMBER 2017 THANK YOU FOR ThankYOUR ATTENTIONyou for your attention TRADE & INVESTMENTRealising FORUM Madagascar’s -LONDON, investmentSEPTEMBER 2017 in Mining sector.
Load more

Recommended publications
  • Madagascar's Extractive Industries Poised for Big Leap Forward
    Madagascar’s extractive industries poised for big leap forward Report produced by The Energy Exchange www.theenergyexchange.co.uk 2 Contents page 3 Foreword 4 Executive summary 5 Madagascar Country profile 6 The political and economic environment 7 Madagascar’s mining potential 8 Madagascar’s hydrocarbon potential 9 Exploration is everywhere 10 Strengths, weaknesses, opportunities and threats 11 Conclusion 12 About The Energy Exchange 13 From the people who brought you... www.theenergyexchange.co.uk 3 Foreword The last frontier of the last frontier Following presidential and parliamentary elections held in late 2013, the situation in Madagascar is returning to normal after five years of internal socio-political crisis following the coup. The government is now keen to exploit the abundant and diversified natural resources and use them to carry out major structural changes in the economy. We have created a report to enable you to understand the potential of the extractive industries in the last frontier of Africa. This report includes: • An analysis of the current economic and political environment in the country • An overview of the mineral and hydrocarbon potential • A SWOT analysis of Madagascar as an investment destination The Energy Exchange is committed to creating high quality, strategic and technical conferences across the globe. We also recognise your need for pioneering industry content throughout the year. Enjoy the report, and please do get in touch with any feedback or questions. Best regards, Hannah Wharrier Managing Director, The Energy Exchange Telephone: +44 (0)20 7384 8030 Email: [email protected] www.theenergyexchange.co.uk 4 Executive summary The inauguration of Madagascar’s President Hery Rajaonarimampianina International support for the country is growing and foreign direct investment on 25 January 2014, and his pledge to open up his country to foreign (FDI) inflow this year is put at $837.5 million.
    [Show full text]
  • Madagascar: the New Eldorado for Mining and Oil Companies
    Madagascar: The New Eldorado for Mining and Oil Companies Researched and written by: Association IRESA (Initiative pour la Recherche Economique et Sociale en Afrique Edited by: Juliette Renaud, Darek Urbaniak, Viviana Varin, Holly Rakotondralambo Published by Friends of the Earth France and Friends of the Earth Europe The full version of this report is available in French language at: www.amisdelaterre.org/rapportmadagascar This Report has been produced with the financial assistance of the European Union in the context of the Making Extractive Industry Work for Climate and Development project. The content of this report is the sole responsibility of Friends of the Earth Europe, Friends of the Earth Netherlands, Friends of the Earth France and CEE Bankwatch, and can under no circumstances be regarded as reflecting the position of the European Union. 2 INTRODUCTION Current production and consumption habits in the countries of the Global North are leading to over- consumption of resources such as oil, minerals, water and wood. This has resulted in low-cost access to raw materials becoming the priority for states and multinational corporations that wish to meet this growing demand. This frenetic race to gain access to raw materials is leading to an increase in the extractive industry’s projects, continually pushing the boundaries of the acceptable to new heights. These demands are being met at the expense of the environment and local communities, essentially in the countries of the Global South, which is where most of these resources are located. What is going on is nothing less than plundering and, for local communities, the extractive industries are often synonymous with destruction and contamination of their environment and livelihoods.
    [Show full text]
  • World Bank Document
    Document of The WorldBank C: FOR OFFICIAL USE ONLY Public Disclosure Authorized /129&-MR C- ReportNo. P-3204-MAG REPORT AND RECOMMENDATION OF THE PRESIDENT OF THE Public Disclosure Authorized INTERNATIONALDEVELOPMENT ASSOCIATION TO THE EXECUTIVEDIRECTORS ON A PROPOSED CREDIT IN AN AMOUNT EQUIVALENT TO US$11.5 MILLION TO THE Public Disclosure Authorized DEMOCRATIC REPUBLIC OF MADAGASCAR FOR THE TSIMIROROHEAVY OIL EXPLORATIONPROJECT October 20, 1982 Public Disclosure Authorized This documenthas a restricteddistribution and may be used by recipientsonly in the performuaceof I their official duties. Its contentsmay not otherwise be disclosed without World Bank authorization. CURRENCY EQUIVALENTS December 1981 June 1982 Unit = Malagasy Franc (FMG) = Malagasy Franc (FMG) US$1.00 = FMG 278 = FMG 375 FMG 1,000 = US$3.59 - US$2.67 FMG 1,000,000 = US$3,590 = US$2,670 (The cost estimates are based on US$1 = FMG 375) WEIGHTS AND MEASURES GWh = Gigawatt hour kWh = kilowatt hour MW = Megawatt RD = Barrels per day GLOSSARY OF ABBREVIATIONS OMNIS - Office Militaire National pour les Industries Strategiques EIB - European Investment Bank GOVERNMENT OF MADAGASCAR FISCAL YEAR January 1 to December 31 FOR OFFICIALUSE ONLY MADAGASCAR TSIMIRORO HEAVY OIL EXPLORATION PROJECT CREDIT AND PROJECT SUMMARY Borrower: Democratic Republic of Madagascar Beneficiary: Office Militaire National pour les Industries Strategiques (OMNIS) t Amount: SDR 10.7 million (US$11.5 million equivalent) Terms: Standard Onlending Terms: The Government would make the proceeds of the credit available to OMNIS as a grant. Project Description: (i) Objective: The project would support the Government's efforts to evaluate the country's hydrocarbon potential with the objective of realizing domestic oil production in the future.
    [Show full text]
  • Emerging East Africa Energy Overview
    ‹ Countries Emerging East Africa Energy Last Updated: May 23, 2013 (Notes) full report Overview Emerging oil and gas developments in East Africa Although oil and natural gas exploration has been going on for decades in various East African countries, there has been limited success until recently. In the past there were doubts about the amount of recoverable resources in the region, along with regional and civil conflicts that presented challenges and risks to foreign companies. Consequently, exploration activities in East Africa have evolved at a much slower pace relative to other African regions. However, the pace of exploration activity has recently picked up after foreign oil and gas companies made a series of sizable discoveries in several East African countries. This new regional analysis covers emerging developments in the oil and gas sectors in five East African countries: Mozambique, Tanzania, Uganda, Kenya, and Madagascar. The larger area that EIA considers as East Africa (see Africa by region map) includes 21 countries. In this region, almost all of the oil production comes from Sudan and South Sudan, which are not covered in this report because they are mature oil producers. Among the countries with emerging oil and gas developments, Mozambique, Tanzania, Uganda, and Madagascar have shown the most progress toward commercial development of newly discovered resources in recent years. Uganda and Madagascar will most likely be the next new oil producers on the continent. Mozambique will probably be the first country in East Africa to develop the capability to export liquefied natural gas (LNG), possibly followed by Tanzania. Although progress toward commercial development of hydrocarbon resources in Kenya has been modest, the country plays a vital role in the region as an oil transit hub, particularly for oil products coming into the region.
    [Show full text]
  • Madagascar Mining
    www.global-insight.net MADAGASCAR GLOBAL INSIGHT MADAGASCAR The ambitious island nation is capitalizing on its precious natural resources and enviable strategic location The giant of the Indian Ocean takes major strides From rare minerals to cash crops, Madagascar is making the most of make it more affordable to the Malagasy. We are looking for its national treasures to offer international investors rich rewards investors and many have already come and reached out to us.” The giant of the Indian Ocean, With four large hydroelectric Madagascar’s ambitious national projects and two solar energy ini- development plan is gathering tiatives, officials have earmarked pace as government reforms significant investment in infra- Dudarev Mikhail-Shutterstock PHOTO: boost economic growth, improve structure that will be supported the investment climate and by dozens of rural electrification increase returns on its abundant projects. natural resources. Democratic elections in 2013 Energizing the economy created long-awaited political Spearheading this invest- stability that has been a catalyst ment drive and modernization for solid fiscal progress, regional program is the Ministry of integration and generated a Energy and Hydrocarbons, myriad of investment opportuni- Hery Rajaonarimampianina Olivier Mahafaly Solonandrasana where officials understand the ties throughout all sectors of the President Prime Minister importance of having foreign economy. partners — such as Panasonic Strategically located close able energy and transport — that investor in the biggest mining — to develop such important to the crossroads of three con- will help eradicate poverty. project in Madagascar and the projects. tinents and key international “Madagascar has a strate- wider region — the Ambatovy “Our energy sector has a legal shipping lanes, the world’s gic location right in between project for nickel and cobalt.
    [Show full text]
  • The Mineral Industry of Madagascar in 2011
    2011 Minerals Yearbook MADAGASCAR U.S. Department of the Interior September 2013 U.S. Geological Survey THE MINERAL INDUSTRY OF MADAGASCAR By Thomas R. Yager In 2011, Madagascar played a significant role in the world’s 0.83% nickel and 0.07% cobalt. In November 2011, reserves at production of ilmenite, rutile, and zirconium. The country’s Ambatovy were estimated to be about 170 million metric tons share of world mine production of ilmenite amounted to (Mt) at grades of 0.94% nickel and 0.082% cobalt. The life of about 5%, and rutile and zirconium, about 1% each. Other the mine was estimated to be 29 years (Mining Journal, 2011; domestically significant minerals produced included chromite, Sherritt International Corp., 2012, p. 17). gemstones, and ornamental stones. Madagascar was not a Starting in mid-2011, lateritic slurry from the globally significant consumer of minerals in 2011 (Gambogi, Ambatovy ore-processing plant was to be processed at a 2012a, b). pressure-acid-leaching plant at Toamasina. The plant was expected to produce a sulfide product that contained 55.2% Minerals in the National Economy nickel and 4.2% cobalt. The sulfide product would be processed at a refinery with a capacity of 60,000 metric tons per year (t/yr) Based on provisional data for 2011, the manufacturing sector of refined nickel and 5,600 t/yr of cobalt; the mine was expected accounted for 11% of the gross domestic product, and the to reach full capacity in 2013. In June 2011, Sherritt revised its mining and construction materials sectors combined, 1.6%.
    [Show full text]
  • Ngo Documents 2011-05-30 00:00:00 Marginal Oil : What Is Driving Oil Companies Dirtier
    Marginal Oil What is driving oil companies dirtier and deeper? Aerial view of the oil on the sea surface, originating from the leaking of the Deepwater Horizon wellhead disaster, slowly approaching the coast of Louisiana East of the mouth of the Mississippi river. The BP leased oil platform exploded April 20, 2010 and sank after burning, leaking an estimate of more than 200,000 gallons of crude oil per day from the broken pipeline into the sea. © Daniel Beltrá / Greenpeace Front cover: Left: Fen and the Boreal Forest near McClelland Lake , north of Fort McMurray, Alberta, Canada. This area has been leased for future oil sands development. Right: Syncrude Aurora Oil Sands Mine, north of Fort McMurray, Canada. © Peter Essick 2009. All rights reserved Preface Boreal forest of spruce, poplar and aspen, east of Peace River in northern Alberta, Canada. © Jiri Rezac / Greenpeace With conventional oil production in decline, the global oil In November 2010 we therefore jointly organised a industry is investing heavily in dirtier and riskier forms of networking and strategy meeting for civil society activists from unconventional oil such as heavy crude, tar sands, and oil North America, Europe, Africa, and Latin America. The aim shale. These investments pose a challenge to the climate, the was to share information and experiences and better coordinate environment, and local communities. One new frontier for tar global efforts to fight marginal oil investments and promote a sands development is sub-Sahara Africa, a region that is highly clean and sustainable energy future globally. dependent on the export of raw materials, but at the same time is highly vulnerable to the impacts of climate change and the To this end we will also work with decision makers both in the subsequent suffering due to the effects of extractive industries’ European Union and globally to ensure that the right policies are projects.
    [Show full text]
  • Sub-Saharan Africa:Unconventional Oil Resources
    34 | Fourth Quarter 2012 Sub-Saharan Africa:Unconventional Oil Resources By Nadia Ouedraogo* Resources of bitumen or extra-heavy oil are reportedly present in many countries in Sub-Saharan Africa: Republic of Congo, Madagascar, Nigeria, Angola, and elsewhere. Some of these countries are now in early development planning phases of the exploitation of these resources with the help of European companies and their technological know-how, including BP, ENI, and Total. Madagascar The unconventional oil deposit in Madagascar is located on the Western coast of the island in Melaky region. Tar sands resources are found in the Bemolanga field, and extra heavy oil resources are being explored at the Tsimiroro field. Both fields are approximately 70km² in area. The bitumen content ranges from about 3.5 to approximately 11.0 weight percent, with the effective mineable area at an average of 5.5 weight percent bitumen in the ore (this bitumen content is approximately half of that found in the Canadian tar sands). The Bemolanga block is a 5,463 km² in area and holds a best estimate of over 16.5 billion barrels in place with around 10 billion barrels recoverable. Madagascar Oil, a Houston-based independent com- pany and currently the largest onshore oil operator in the country, estimates that at full production the site could produce 180,000 barrels per day over 30 years. The depth of the Bemolanga field is on average 15 metres below the surface; that is close enough to the surface for opencast mining operations (Madagascar Oil, 2009). Given the resource is likely to be mined, exploration and operational costs would probably be lower than in Canada.
    [Show full text]
  • Madagascar Oil
    23 April 2014 OIL & GAS Initiation of Coverage Marketing Communication (Connected Research) Madagascar Oil# BBG Ticker: MOIL LN Price: 16.25p Mkt Cap: £86.4m BUY Year to Revenue EBITDA PBT EPS EV/Sales EV/EBITDA P/E December (US$m) (US$m) (US$m) (US$¢) (x) (x) (x) 2012A 0 (13.6) (13.6) (5.5) n/m n/m n/m 2013E 0 (10.3) (10.4) (2.0) n/m n/m n/m 2014E 0 (11.0) (11.1) (1.0) n/m n/m n/m 2015E 108.6 87.4 87.6 6.0 1.0 1.3 4.3 NOTE: US$/£ forward exchange rate = US$1.60. SOURCE: Company, VSA Capital estimates. Approaching Delivery Giant Tsimiroro Field Close to Commerciality Company Description Madagascar Oil is an E&P company with Madagascar Oil (MOIL) is the largest acreage holder onshore Madagascar, undeveloped assets onshore Madagascar. with interests in five blocks covering approximately 30,000km2. The One Year Price Performance Tsimiroro field is by far the most important asset owned by the company. It (m sh) Volume (LHS) (p) 40 20 was discovered in 1909, but remained undeveloped, largely due to political Price (RHS) 35 instability in the country, low oil prices and lack of infrastructure. This 30 15 onshore low sulphur heavy oil field, located at a very shallow depth of 25 between 100 and 200 metres below ground, is estimated to contain a 20 10 massive 1.7bnboe of 2C contingent resources. To confirm the commercial 15 potential of this resource, MOIL started its Steam Flood Pilot project in April 10 5 5 2013.
    [Show full text]
  • MADAGASCAR: on the Road to Stability and Development
    Sponsored Report MADAGASCAR BACK TO THE INTERNATIONAL SCENE MADAGASCAR On the road to stability and development With its return to the international scene, 2016 stood out work with us.” There are already a number of US companies working as a key year for Madagascar and 2017 is forecasted to be with Malagasy partners, such as the country’s year for reconstruction Caterpillar, Ford and Symbion Pow- er, who have all chosen to do busi- There is no question that Madagas- na, stresses, “We aim to achieve a ness with local players, and Groupe car made progress in 2016, as high- growth rate in GDP of 4,5%, and Star, Coca-Cola’s oldest partner in lighted by the Malagasy President, we believe that our current policies the world dating back to the 1950s, Hery Rajaonarimampianina: “Look- will help us reach this goal in 2017. is the leading beverage manufactur- ing back at 2016, we can really talk We are trying to attract investors er and distributor in the country. Hery Rajaonarimampianina about political, social and economic by improving the business environ- Sara et Cie is a Malagasy compa- President of the Republic achievements, as demonstrated by ment. We are a country blessed with ny specialized in working with inter- of Madagascar the strengthening of our relations resources of wealth, but we cannot national donors. As a leader in con- with donors and the hosting of claim that we can achieve our goals struction, the company is a prime Cie’s Managing Director, David world-class summits which, in turn, without external aid.” The govern- example of a Malagasy business that Ranaivo, believes foreign investors helped consolidate the country’s ment will be investing the funding managed to survive the 2009-2013 would benefit from working with stability.” At the Francophonie and into specific sectors.
    [Show full text]
  • Locking up the Future Unconventional Oil in Africa
    Locking up the Future Unconventional Oil in Africa Commission Justice et Paix ENVIRONMENTAL RIGHTS ACTION/FRIENDS OF THE EARTH, NIGERIA Tunisia Morocco Algeria Western Libya Sahara Egypt Mauritania Niger Mali Sudan Senegal Chad Gambia Burkina Guinea Guinea Bissau NIGERIA Ivory Sierra Coast Ethiopia Leone Ghana Central African Republic Liberia Benin Togo Sao Tome Cameroon Uganda Somalia Equatorial Guinea Gabon Democratic Kenya Republic CONGO n of Congo n Ocea dia Atlantic O Tanzania In cean Angola Malawi Zambia Mozambique Zimbabwe Namibia Botswana MADAGASCAR Swaziland South Africa Lesotho 0 1000km 2000km CONGO Population: 4.1 million (UNDP 2011)VII Africa’s 7th largest oil producer (BP, 2011)I Revenues (2009): US$5.6 billion; of which oil is $4.6 billion (IMF, 2010)III Oil is 90% of export earnings and around 85% of budgetary revenues. Oil is 67% of GDP. Human Development Index Ranking 2011: 137 (out of 187 countries) - low medium VII Number of people living below the poverty line ($1.25 ppp per day): 54.1% MADAGASCAR Population: 21.3 Million (UNDP, 2011)VII Revenues: $1.3 billion in 2008 (World Bank, 2011)VIII Over 67% of the Malagasy population live below the poverty line (UNDP, 2011)VII HDI ranking: 151 - low (UNDP, 2011)VII Third most vulnerable country to climatic change (Maplecroft, 2011)II NIGERIA Population: 162.4 Million (UNDP, 2011)VII Africa’s largest oil producer (BP, 2011)I Revenues (2009): $33.5 billion; of which oil & gas revenues approx. $21.4 billion (IMF, 2011)VI Oil is 95% of export earnings & around 65% of budgetary revenues.
    [Show full text]
  • Africa Lakes: Regional Offshore Exploration and Production Profile
    Africa Lakes: Regional Offshore Exploration and Production Profile The countries in the Africa Lakes regional grouping Total Oil Production (onshore/offshore): include Malawi and Uganda, and focus on some of No production the major lakes with hydrocarbon activity. Total Gas Production Specifically, hydrocarbon exploration has mainly (onshore/offshore): taken place in Lake Malawi and Lake Albert in Malawi and Uganda, respectively. Lake Victoria is No production another lake of interest, but due to its low level of exploration activity, environmental factors were only considered. Lake Malawi is an African Great Lake in the East African Rift* between Malawi, Mozambique, and Tanzania. It is the ninth largest lake in the world. The Malawian government has divided Malawi’s oil exploration area into six blocks: “three cover the lake and the rest are on land in the north and south of the country along the Rift Valley1.” The prospecting licenses were awarded to South- African based SacOil (Block 1), UK-based Surestream Petroleum (Blocks 2 and 3), the United Arab Emirates’ RAK Gas (Blocks 4 and 5), and Indonesian-based Pacific Oil & Gas (Block 6). Lake Malawi has been listed as a World Heritage site, and civil societies have expressed their concerns about the effects of oil extraction on the lake. Lake Albert is another one of the African Great Lakes, and is the seventh-largest lake in Africa. It is situated between Uganda and the Democratic Republic of Congo. In 2010, London-based multinational oil and gas exploration company Tullow Oil began to accelerate development of the Lake Albert rift basin by purchasing Heritage Oil and Gas Limited’s (a Bailiwick of Jersey company, headquartered off the coast of Normandy, France) ownership of blocks EA-1 and EA- 3A.
    [Show full text]