Tsimiroro is a large oil field in the onshore Morondava Basin of Madagascar found south of the Bemolanga ultra heavy oil field and south of the town of Morafenobe . It is estimated to contain as many as 9.3 billion barrels (1.48 × 10 m) of heavy oil with 14° to 16° API gravity. The oil is found in the Isalo and Amboloando formations.
18-590: Madagascar Oil is the license holder of the Tsimiroro field. It describes the field as being a heavy oil field with a significant volume of oil in place . It gives figures for oil in place (2010 estimates) as: Madagascar Oil is working on a steam flood pilot project as well as continuing drilling operations to expand the proven reserve base. Tsimiroro is believed to be able to achieve at least 80,000 barrels (13,000 m) to 80,000–100,000 barrels (13,000–16,000 m) of oil output per day over 35–40 years. First production
36-573: A density less than 875.7 kg/m (API gravity greater than 30.1° API). The government of Alberta, the province which produces most of the oil in Canada, disagrees and defines it as oil with a density less than 850 kg/m (API gravity greater than 35° API) The Mexican state oil company, Pemex , defines light crude oil as being between 27° API (893 kg/m ) and 38° API (835 kg/m ). This variation in definition occurred because countries such as Canada and Mexico tend to have heavier crude oils than are commonly found in
54-464: A low viscosity , low specific gravity and high API gravity due to the presence of a high proportion of light hydrocarbon fractions . It generally has a low wax content. Light crude oil receives a higher price than heavy crude oil on commodity markets because it produces a higher percentage of gasoline and diesel fuel when converted into products by an oil refinery . The clear cut definition of light and heavy crude varies because
72-434: Is West Texas Intermediate which has an API gravity of 39.6° API (827 kg/m ). It is often referred to by publications when quoting oil prices. The most commonly referenced benchmark oil from Europe is Brent Crude , which is 38.06° API (835 kg/m ). The third most commonly quoted benchmark is Dubai Crude , which is 31° API (871 kg/m ). This is considered light by Arabian standards but would not be considered light if produced in
90-665: Is in Antananarivo , Madagascar and its administrative offices are in Singapore . Its Chairman is Indonesian national Al Njoo. Prior to this, the company was based in Houston , Texas and earlier in London , England. The company's flagship oil field is Tsimiroro in the Morondava Basin of western Madagascar. Madagascar Oil wholly owns its subsidiary, Madagascar Oil S.A. Madagascar Oil
108-651: The Government of Madagascar with a significant stake in future production. The company's controlling shareholder is the Singapore-based Benchmark Group. Other shareholders are Outrider Management LLC, SEP African Ventures Limited (formerly Persistency Capital LLC), and the John Paul DeJoria Family Trust. Light crude oil Light crude oil is liquid petroleum that has a low density and flows freely at room temperature . It has
126-574: The Manambolo West #1 well, drilled in 1987 that flowed gas at 15.6 million cubic feet (440,000 m ) per day on a drill stem test and abandoned as non-commercial partially due to a lack of infrastructure; and the Manandaza well drilled in 1991 that flowed 41° API light crude oil . Madagascar Oil's projects are governed by production sharing agreements signed with OMNIS , the relevant Malagasy government agency, in 2004. These agreements provide
144-729: The Morondava Basin. In 2008, a joint venture agreement was executed with Total S.A. granting it operatorship and a 60% interest in the Bemolanga tar sands. In 2010, it raised £50 million in its IPO to finance a pilot project in the Tsimiroro Field. Madagascar Oil was listed on the Alternative Investment Market (AIM) of the London Stock Exchange from 2010 until 2016. In December 2010, the trade of company's share
162-535: The U.S. The largest oil field in the world, Saudi Arabia's Ghawar field, produces light crude oils ranging from 33° API (860 kg/m ) to 40° API (825 kg/m ) In the United States, the price of the front month light sweet crude oil futures contract , traded on the NYMEX commodity exchange (symbol CL), is widely reported as a proxy for the cost of imported crude oil. These contracts have delivery dates in all 12 months of
180-674: The United States, whose large oil fields historically produced lighter oils than are found in many other countries. Canada also uses the SI of units to measure oil rather than American oil industry conventional units, and the base temperature for density calculations is different in Canada at 15 °C (59 °F) than the US at 60 °F (15.56 °C), resulting in slightly different density values. A wide variety of benchmark crude oils worldwide are considered to be light. The most prominent in North America
198-423: The classification is based more on practical grounds than theoretical. The New York Mercantile Exchange (NYMEX) defines light crude oil for domestic U.S. oil as having an API gravity between 37° API (840 kg/m ) and 42° API (816 kg/m ), while it defines light crude oil for non-U.S. oil as being between 32° API (865 kg/m ) and 42° API (816 kg/m ). The National Energy Board of Canada defines light crude oil as having
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#1732851837499216-531: The island's major onshore oil fields. The company operates the 100%-owned Tsimiroro heavy oil field, while Total S.A. , its farm-in partner, operates the 40%-owned Bemolanga bitumen field. Tsimiroro has 2P reserves of 614 million barrels and 3C resources of 1.6 billion barrels, in tar sands at depths between 100m and 200m. In addition to the Tsimiroro and Bemolanga, the company holds three exploration blocks: Manambolo, Morondava and Manandaza. On Madagascar Oil's blocks, previous exploration examples include
234-518: The new Madagascar president Andry Rajoelina cancelled an ongoing licensing round involving 44 blocks in the Morondava basin until further notice. Madagascar Oil focuses on the development, exploration and production of petroleum . In 2008, Madagascar Oil held the largest licensed onshore acreage in Madagascar. Madagascar Oil holds the large heavy oil fields of Tsimiroro and Bemolanga , which are
252-489: The price closed at $ 66.04. But, by August 2007, the price had reached a record high of $ 78.71, amid production output concerns in the North Sea and Nigeria. On November 29, 2007, the price peaked at $ 98.70 intraday after closing at $ 98.03 the previous day. The price of light crude set a new intraday high on May 21, 2008, of $ 133.45 and closed at $ 133.17. A new high was reached on July 11, 2008, as prices temporarily reached $ 147.27
270-402: The year. From below $ 20 a barrel in early 2002, it rose to an intraday peak of $ 70.85 at the end of August 2005 in the aftermath of Hurricane Katrina . A new intraday record high of $ 78.40 was set on July 14, 2006, prompted by the firing of at least six missiles by North Korea on July 4–5, 2006, and escalating Middle East violence. Subsequently, the price declined until on October 11, 2006,
288-474: Was founded in 2004 by Canadian engineer Sam Malin and Australian businessman Alan Bond . Its parent company was originally Madagascar Oil Limited (Mauritius). In March 2006, simultaneous with a US$ 60m fund raising to North American managed hedge funds, the parent company was reorganised as Madagascar Oil Limited in Bermuda. In 2006, Madagascar Oil launched its first licensing round involving 44 offshore blocks in
306-606: Was realised in March 2008, a year when a total 2,000 barrels (320 m) were produced. This article about an oil field is a stub . You can help Misplaced Pages by expanding it . This Madagascar location article is a stub . You can help Misplaced Pages by expanding it . Madagascar Oil Madagascar Oil SA is an oil company operating in Madagascar . It is the principal onshore oil company in Madagascar in terms of oil resources and land. Madagascar Oil's operational office
324-579: Was suspended after the Malagasy government announcement that most of the company's oil licenses would be annulled. The dispute was solved and the trade at the AIM restarted in June 2011. The company delisted in 2016, as a condition of its lenders recapitalising the company. On 15 April 2015, the Madagascar government granted to the company a 25-year license on the oil production at the Tsimiroro block 3104. In February 2019,
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