Minister of Energy and Mining Elise Razaka of Madagascar

Razaka said that in one of the blocs, Exxon had teamed up with privately held American explorer firm, Vanco Energy, and Norway's Norsk Hydro (NHY.

Razaka said the expected production would leave Madagascar with a substantial export surplus.

Named by Jacques Sylla, prime minister of Madagascar's "self-proclaimed" president Marc Ravalomanana, Elise Razaka has been appointed Madagascar's energy and mines minister.

Accompanied by a ministerial delegation and both municipal and regional authorities, Minister Razaka said he was impressed with the positive results of the project's social outreach efforts, as well as with the significant advances on construction.

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

Razaka said the initial production could change based on factors including world crude prices and the still-unknown extent of the deposits.

Razaka said oil could become Madagascar's major foreign currency earner, bigger than any of its mineral projects.