Madagascar plans licensing round in 2015 once new petroleum law passed

A senior energy ministry official said on Friday that Madagascar plans to issue licenses for three on-shore and up to 50 off-shore exploration blocks next year once parliament approves a new petroleum law.

Madagascar, famed for its wildlife and eyed by foreign companies for its minerals and its hydrocarbon prospects, has struggled to court oil and mining giants since a coup in 2009, which also prompted international donors to cut off ties.

President Hery Rajaonarimampianina, who took office in January after a peaceful vote in December, has pledged to woo foreign investors and alleviate poverty which deepened after the 2009 coup when the economy slumped.

Reuters report that the World Bank and other donors have since re-established ties and resumed aid flows.

Madagascar has a total 249 exploration blocks, of which 24 have so far been licensed to exploration companies.