Indian Oil Corporation Limited (IndianOil) has reported a fresh oil and gas discovery in the Area 95/96 exploration block in south-western Libya. As part of an Indian consortium, the company holds a 25% participating interest in the project. The discovery was made during the drilling of the 6th exploratory well and has been formally recognized by the National Oil Corporation of Libya, marking a significant milestone in the company’s international upstream strategy.
Strategic Progress in Libya
Indian Oil Corporation (IndianOil) has achieved a major success in its international exploration efforts with a new hydrocarbon discovery in the Ghadames Basin of Libya. Operating as part of an Indian consortium alongside Oil India Limited, the company maintains a 25% participating interest in the 6,600 sq. km onshore Block Area 95/96. The project is currently operated by Sonatrach International Petroleum Exploration and Production Corporation.
Discovery and Technical Details
The latest finding occurred during the drilling of the 6th exploratory well, following the successful drilling of 5 previous wells in the block. Previous campaigns in this region have consistently yielded multiple oil and gas discoveries, confirming the strong geological potential of the area. Following initial testing and evaluation, the National Oil Corporation (NOC), Libya, has formally validated this site as a new hydrocarbon discovery.
Future Development and Outlook
The discovery is expected to play a vital role in IndianOil’s upstream portfolio. The consortium has initiated plans for detailed appraisal and evaluation activities to assess reservoir characteristics and resource estimates. This move is a key component of the company’s broader corporate strategy to strengthen its international production footprint while leveraging strategic global partnerships to pursue high-potential exploration opportunities.
Source: BSE
