Madagascar Oil: Appointment of Commercial Director
SINGAPORE, March 11, 2020 /PRNewswire/ -- Madagascar Oil, the developer of the Tsimiroro oil field, is pleased to announce the appointment of Kemrajsing Sewnundun, as Commercial Director, with immediate effect.
Kemrajsing has over 23 years' experience in the regional energy and financial services industries, having previously been at BDO Management Advisory Services, Galana Distribution, GPM (Groupement Des Petroliers De Madagascar) and De Chazal Du Mee.
Previous responsibilities included accounting, business and advisory services, negotiating with the authorities, providing audits and consulting services for mining and energy companies and managing a team of over 250 people, across eight regional offices.
Al Njoo, Chairman of Madagascar Oil, commented:
"We are delighted that Kemrajsing has agreed to join the team. He brings with him experience and expertise that will be invaluable to Madagascar Oil as it continues the sustainable development of the world class Tsimiroro Field, with its low sulphur oil reserve that meets the needs of the shipping industry as it looks to comply with IMO2020 regulations."
Kemrajsing Sewnundun, added:
"I'm excited to take on this challenge, Madagascar Oil will transform the country into an oil exporter, accelerating its economic development. With one of the world's biggest low sulphur oil reserves we are a low cost producer for IMO2020 compliant low sulphur fuel oil (LSFO) supplying global shipping, significantly reducing sulphur and NOX pollution. Global shipping consumes 5% of oil production, but generates 40% of sulphur pollution. There is a severe global shortage for LSFO, with current prices at $60-70/barrel, underpinning the high value of our development."
About Madagascar Oil:
Madagascar Oil (MOIL) is a producer of IMO2020 compliant low sulphur fuel from one of the world's largest heavy, sweet crude oil reserves. The company has 2P reserves of 614 million barrels and 3C resources of 1.6 billion barrels. MOIL is a low cost producer focused on the ongoing development of the Tsimiroro Field, which has a medium term production target of 45,000 bpd, and projected peak production of 90,000 bpd. MOIL is committed to the highest standards of Environmental, Social and Governance (ESG) performance. Given the Tsimiroro crude's low sulphur content (0.3%), it is helping to significantly reduce global sulphur pollution, and in sustaining global shipping and trade. The project itself is designed to have a low carbon footprint, using solar to power crude production. The Company's major shareholder, Singapore-based Benchmark Group, is a proven developer of heavy oil projects and brings a strong corporate governance framework. Madagascar is a proven hydrocarbon country with USGS estimates of 10 billion barrels of recoverable oil and 167 TCF of gas.
For more information, visit www.madagascaroil.com.
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SOURCE Madagascar Oil