Oil India and Indian Oil have discovered significant oil and gas reserves in Libya’s Ghadames Basin.
NEW DELHI
The Indian government announced that a consortium of national oil companies has made a significant oil and gas discovery in Libya’s Ghadames Basin.
The success of Oil India Limited (OIL) and Indian Oil Corporation Limited (IOCL) is being hailed as a major milestone, reflecting the growing global footprint of India’s energy sector.
The discovery occurred in “Contract Area 95/96,” where a well was drilled to a depth of 8,440 feet. Early testing produced impressive results, yielding 13 million cubic feet of gas and 327 barrels of condensate per day. This project was a collaborative effort with SIPEX Algeria serving as the operator, highlighting the success of strategic international partnerships.
The Ministry of Petroleum and Natural Gas congratulated the firms on social media, noting that the find is a “promising development” for India’s long-term energy security. The government is currently pushing to increase domestic crude production to 35 million metric tonnes by 2030 to meet rising demand. By acquiring overseas assets like the one in Libya, India aims to reduce its heavy reliance on energy imports.
The news sent ripples through the stock market, with Oil India shares jumping more than 4 percent to an intraday high of Rs 497 on the BSE. While Indian Oil shares remained relatively flat, the overall sentiment remains high. This discovery not only strengthens India’s presence in North Africa but also serves as a testament to the technical capabilities of its state-run energy giants on the world stage.