Oil India Limited (OIL) has announced a significant hydrocarbon discovery in its overseas exploration efforts in Libya. The discovery was made in the onshore exploration Block Area 95/96, situated in the Ghadames Basin, south-western Libya. OIL holds a 25% participating interest in this block, which is part of an Indian consortium along with M/s IOCL.
The Ghadames Basin block covers approximately 6,630 square kilometres and is operated by M/s SIPEX. The consortium had committed to drilling eight exploratory wells, and five wells have already been completed. Of these, four wells yielded oil and gas discoveries between 2012 and 2014.
The latest discovery comes from the sixth well, A1-96/02, which has been confirmed as a new gas and oil find. The National Oil Corporation (NOC) of Libya has officially declared this as the fifth discovery in the block, highlighting the significant hydrocarbon potential of the area. Further appraisal activities are planned to assess the resource potential and facilitate the development of the discovery.
This achievement underscores Oil India Limited’s strategic focus on expanding its international exploration portfolio and marks a notable success in its overseas ventures.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).