Oil India announces hydrocarbon discovery in overseas block (Area 95/96) in Libya

Oil India?(OIL), with 25% Participating Interest, is part of an Indian consortium along with?Indian Oil Corporation?in the onshore exploration Block namely Area 95/96 located in the highly prospective Ghadames Basin in south-western Libya, covering an area of ~6,630 sq. km. The Block, operated by M/s SIPEX, has a commitment of 08 exploratory wells, and drilling of 05 wells have been already completed, out of which 04 wells made oil and gas discoveries during 2012-2014.

With resumption of activities, the drilling of the sixth well A1-96/02 has also resulted in a new gas and oil discovery. Following confirmatory testing, the National Oil Corporation (NOC), Libya has formally declared the well as the fifth discovery in the Block, reaffirming the significant hydrocarbon prospectivity of the exploration Block. Further detailed assessment of the discovery is planned through appraisal activities to firm up the overall resource potential and enable progression towards development of the discovery.

This development marks a significant achievement for Oil India in its overseas exploration portfolio and reinforces OIL's strategic focus on expanding its international footprint.