Oil: Madagascar to start producing crude

The government of Madagascar has said that the island is expected to start producing crude oil for the first time within the next four years.

Elise Razaka, the director-general of the office of national mines and strategic industries said that several blocks on land and off the west coast of the island were expected to yield 60 000 barrels a day at first.

Madagascar consumes around 10 000 barrels of oil a day, so the expected production would leave it with a substantial export surplus.