In 2006, Madagascar Oil launched its first licensing round involving 44 offshore blocks in the Morondava Basin.

[11] In 2008, a joint venture agreement was executed with Total S.A. granting it operatorship and a 60% interest in the Bemolanga tar sands.

Madagascar Oil was listed on the Alternative Investment Market (AIM) of the London Stock Exchange from 2010 until 2016.

[16] On 15 April 2015, the Madagascar government granted to the company a 25-year license on the oil production at the Tsimiroro block 3104.

[17] In February 2019, the new Madagascar president Andry Rajoelina cancelled an ongoing licensing round involving 44 blocks in the Morondava basin until further notice.

[20][21] In addition to the Tsimiroro and Bemolanga, the company holds three exploration blocks: Manambolo, Morondava and Manandaza.