Indian Oil Corporation Limited (IndianOil) has announced a significant hydrocarbon discovery in the onshore exploration Block Area 95/96, located in the Ghadames Basin of south-western Libya. This discovery is part of an Indian consortium’s exploration efforts, which includes Oil India Limited, with IndianOil holding a 25% participating interest. The block, covering approximately 6,600 square kilometres, is operated by Sonatrach International Petroleum Exploration and Production Corporation.
The consortium’s exploration programme comprises eight exploratory wells, with five already drilled. Previous drilling campaigns in the block have yielded multiple oil and gas discoveries, highlighting the block’s strong geological potential. The latest discovery was made during the drilling of the sixth exploratory well, which has now been formally recognised by the National Oil Corporation (NOC) of Libya as an additional hydrocarbon find.
This discovery further underscores the hydrocarbon potential of the Area 95/96 Block. Detailed appraisal and evaluation activities are planned to assess reservoir characteristics, firm up resource estimates, and examine the commercial viability of the discovery. These efforts will pave the way for future development planning.
This development marks an important milestone in IndianOil’s overseas upstream portfolio and aligns with the company’s strategy to strengthen its international exploration and production footprint. By leveraging partnerships, IndianOil aims to pursue selective, high-potential overseas opportunities.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).