Oil India Limited Announces Hydrocarbon Discovery in Libya's Ghadames Basin
Oil India Limited (OIL), a Maharatna CPSE under the Government of India, has reported a significant hydrocarbon discovery in the overseas Block Area 95/96 in Libya. The development highlights OIL’s expanding international exploration portfolio.OIL is part of an Indian consortium, which includes M/s IOCL, holding a 25% Participating Interest in the onshore exploration Block. This crucial area, Area 95/96, is located in the highly prospective Ghadames Basin in south-western Libya, covering an expansive area of approximately 6,630 sq. km. The exploration activities in this block are being operated by M/s SIPEX.
The block has a commitment for 08 exploratory wells. Historically, four wells made oil and gas discoveries between 2012 and 2014. With the resumption of activities, the drilling of the sixth well, identified as A1-96/02, successfully resulted in a new gas and oil discovery.
Following confirmatory testing, the National Oil Corporation (NOC), Libya, formally declared this discovery. This marks the fifth significant hydrocarbon find in the Block, reaffirming the deep resource potential of the exploration site.
Oil India Limited noted that the achievement reinforces the company's strategic focus on growing its global operational footprint. Detailed assessment of the newly found resources is scheduled through appraisal activities. These appraisal efforts are designed to solidify the overall resource potential and pave the way for the development of the discovery.
The key operational details regarding the Libya exploration block are summarized below:
| Parameter | Details |
|---|---|
| Location | Ghadames Basin, south-western Libya |
| Block Area | Area 95/96 |
| Area Size | ~6,630 sq. km |
| Participating Interest (OIL) | 25% |
| Consortium Partner | M/s IOCL |
| Total Well Commitment | 08 exploratory wells |
| Previous Discoveries (2012-2014) | 4 wells (Oil and gas) |
| Latest Discovery Well | A1-96/02 (Sixth well drilled) |
| Total Confirmed Discoveries | 5 (As declared by NOC, Libya) |
OIL Stock Price Movement
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