ANTANANARIVO, Sept 17, 2008 (AFP) - French oil major Total on Wednesday acquired majority rights in a joint venture with Houston-based Madagascar Oil to explore oil in the Indian Ocean island.
Total acquired a 60 percent share in the deal with Madagascar Oil to operate an oil field in Bemolanga north of the capital Antananarivo.
'The Bemolanga licence is very promising, but much remains to be done,' said Yves-Louis Darricarrere, Total's exploration and production director.
The firms will run a pilot project worth more than 100 million dollars (70 million euros) for two years for test exploration in the 6,500-square-metre Bemolanga zone.
Darricarrere said the first crude oil production would be in about 10 years' time.
In March, Madagascar Oil produced the country's first barrels of crude at Tsimiroro near Bemolanga.