They’ve Found Oil!

Madagascar’s oil potential has lead to hopes for development following the opening of an ExxonMobil operation on Friday. It is believed that the NW coast could have as much as 7-10 billion barrels of oil. Drilling for this source has been proposed to be as early as 2007, which would see the development of the 1st deep water well off Madagascar.

All of this does mean the poverty stricken island of Madagascar, with ¾ of it’s population of 17 million living on under $1/day, will face tough challenges to avoid succumbing to the pressure that other African oil nations are currently experiencing.

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