New Delhi [India], April 27 : Indian Oil Corporation Limited on Monday said that a fresh oil and gas discovery has been made in an onshore exploration block in Libya, where it holds a 25 per cent participating interest as part of an Indian consortium.
The company, in a stock filing, said that "with the resumption of exploration activities, drilling of the 6th exploratory well has led to a fresh oil and gas discovery" in Block Area 95/96, located in the Ghadames Basin of south-western Libya.
Indian Oil said the exploration block spans around 6,600 square kilometres and is located in a "well-established hydrocarbon province." It added that the consortium's approved exploration programme includes eight wells, of which five have already been drilled.
The exploration block is operated by Sonatrach International Petroleum Exploration and Production Corporation.
According to the company, "the National Oil Corporation (NOC), Libya, has formally recognised the well as an additional hydrocarbon discovery in the block" after initial testing and evaluation.
"Earlier drilling campaigns in the block resulted in multiple oil and gas discoveries, underscoring the block's strong geological prospectivity," the company noted.
The latest find is expected to further strengthen the energy potential of the region. "The discovery further reinforces the hydrocarbon potential of the Area 95/96 Block," the company said.
It added that "detailed appraisal and evaluation activities are planned to assess reservoir characteristics, firm up resource estimates, and examine the commercial potential of the discovery."
The company said the development is a key step in expanding its global energy footprint. "This development represents an important milestone in IndianOil's overseas upstream portfolio and aligns with the company's strategy of strengthening its international exploration and production footprint," it said.
The company also emphasised its approach of working with global partners, noting that it aims to "leverage partnerships to pursue selective, high-potential overseas opportunities."
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