Madagascar Oil’s new owners revive Tsimiroro ambitions

Madagascar Oil’s new owners hope their Tsimiroro field development, whose first phase is at the front-end engineering and design stage, will be largely immune to the Covid-19 pandemic and parallel slump in global oil prices. Speaking to African Energy as part of the company’s campaign to find development partners, chairman Al Njoo said Madagascar Oil was talking to a number of Chinese companies, including Hong Kong-based bunker service provider Chimbusco Pan Nation Petro-Chemical Company, a joint venture between Petro-China and Shanghai-based Cosco Shipping. It is also in discussions with a number of Chinese banks.