Madagascan government officials have confirmed that the island country now is ready for the exploration of its oil potential, the local L'Express daily reported on Saturday.

"Exploration for oil is ongoing and we are planning a large exploration project this year in a possible oil field named Tsimiroro," said the head of the National Department, Elise Razaka, who is in charge of the oil and mining industries.

The goal of the search is to confirm the quality and quantity of oil available in Tsimiroro, located in the onshore Morondava Basin, 550 kilometers southwest of the capital city, he said.

Razaka added that the project, which is to start in the second quarter of this year, is one of the most advanced oil exploration projects undertaken in Indian Ocean island countries.

It is estimated that Tsimiroro contains 8 billion barrels of heavy oil with hydrocarbons found in the Isalo and Amboloando formations. The country plans to export the oil unrefined.

The government of Madagascar expects foreign investors to participate in the oil exploration by becoming partners of Madagascar Oil, a private oil and gas exploration and production company.

Foreign companies, including EXXON, Mobil, Chevron and Shell, have expressed interests in the project, but none of them have taken any major steps toward making a commitment.