Oil India Limited (OIL) has announced a significant new oil and gas discovery in the onshore Area 95/96 block in south-western Libya. As part of an Indian consortium with 25% participating interest, the company successfully completed drilling for the A1-96/02 well. This marks the fifth discovery in the block, further validating the exploration potential of the Ghadames Basin and reinforcing the company’s commitment to expanding its international energy footprint.
Strategic Exploration Success in Libya
Oil India Limited (OIL) has reported a major development in its international operations with a new hydrocarbon discovery in Libya. The company, which holds a 25% participating interest in the project, is part of an Indian consortium operating in the Area 95/96 onshore block. Located in the highly prospective Ghadames Basin, the block covers an expansive area of approximately 6,630 sq. km.
Well Performance and Operational Context
The latest discovery comes from the A1-96/02 well, which represents the sixth exploratory well drilled in the block. Following rigorous confirmatory testing, the National Oil Corporation (NOC) of Libya has formally categorized this well as the fifth discovery within the region. Historical data shows that the consortium previously identified oil and gas in four wells between 2012 and 2014, underscoring the consistent productivity of the acreage.
Future Development Plans
Looking ahead, the consortium, led by operator M/s SIPEX, is initiating detailed appraisal activities. These efforts are designed to precisely estimate the overall resource potential of the find and establish a roadmap for the commercial development of the discovered reserves. This achievement serves as a vital component of OIL’s broader strategy to diversify its global exploration portfolio and enhance its presence in international energy markets.
Source: BSE
