OMV says gets stake in Madagascar offshore block

Reuters
The logo of Austrian oil and gas group OMV is placed on its headquarters' rooftop in Vienna February 25, 2010. REUTERS/Heinz-Peter Bader

VIENNA (Reuters) - Austrian oil and gas group OMV has agreed to buy a 40 percent stake in an offshore exploration block west of Madagascar, it said on Monday. OMV said the move would further its strategy of developing a balanced exploration and production portfolio, including opportunities in sub-Saharan Africa. The company did not disclose the price it was paying to buy the stake from Niko Resources. Niko will retain a 35 percent stake, and EnerMad owns the other 25 percent. OMV said it would take over as operator of the block before the start of drilling, which was expected in early 2015.