New Delhi: Expanding its international portfolio, state-owned Oil India Ltd has announced an oil and gas recovery from its exploration block in Libya.
The company holds a 25% participating interest in the consortium, which also includes IndianOil, for the onshore exploration block Area 95/96 located in the Ghadames Basin in south-western Libya.
The block covers eight exploratory wells. Drilling of five wells has been completed, with four wells reporting oil and gas discoveries between 2012 and 2014.
The development marks a fresh push in Oil India’s overseas operations, strengthening India’s energy presence in North Africa while adding to the company’s upstream reserves.
