OMV buys stake in Madagascar - The National:
"OMV, the Austrian oil producer part-owned by Abu Dhabi, has bought into offshore Madagascar in an effort to balance its exploration portfolio.
The company is taking a 40 per cent stake in a block called Grand Prix from Canada's Niko Resources for an undisclosed sum, it announced yesterday.
OMV, which will become the block's operator, is one of the biggest investors yet to arrive in the East African island nation, which produced its first oil only this year and whose leadership has been plagued by a series of coups and resignations. "Speaking about the oil industry and the political situation, it's hard to separate the two," said Simiso Velempini, an analyst with the consultancy Control Risks. "A lot of the development of oil and gas exploration has been retarded by political developments - mainly the five-year political crisis that was triggered in 2009.""
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