(Ecofin Agency) - Madagascar is to postpone the launch of tenders for 40 offshore oil blocks in the Morondava basin till 2017, a top government official in the extractive industry has revealed.

“Tenders will soon be launched on 40 offshore blocks in the Morondava basin. They should have been launched this year, but as the new petroleum code is not yet completed, tenders will be launched next year. We have 225 blocks, but they will not all be tendered,” Bonaventure Rasoanaivo, the general director of the Office of National Mines and Strategic Industries said.

The country's Tsimiroro field in the Morondava basin has an estimated 1.7 billion barrels of oil in place and Madagascar hopes to fast track economic growth by developing natural resources.

The country is finding it hard to attract foreign investors as a result of the political instability and falling commodity prices in the global market, Energy-pedia news reports.

Anita Fatunji