Oil India Reports New Hydrocarbon Discovery in Libya's Area 95/96
Oil India announces discovery of hydrocarbon in overseas block (Area 95/96) in Libya
Business Standard
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Oil India Limited (OIL) has announced a new hydrocarbon discovery in the Area 95/96 block in Libya's Ghadames Basin, where it holds a 25% interest. This marks the fifth discovery in the block, following the completion of six exploratory wells, and underscores OIL's commitment to expanding its international exploration portfolio.
- 01Oil India has a 25% stake in the Area 95/96 block in Libya.
- 02The latest discovery marks the fifth hydrocarbon find in the block.
- 03The block covers approximately 6,630 square kilometers in the Ghadames Basin.
- 04Five exploratory wells have been drilled, with four previous discoveries made between 2012 and 2014.
- 05Further appraisal activities are planned to assess the resource potential.
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Oil India Limited (OIL) has confirmed a new hydrocarbon discovery in the Area 95/96 block, located in the Ghadames Basin of southwestern Libya. OIL holds a 25% Participating Interest in this block, which spans approximately 6,630 square kilometers. The block is operated by M/s SIPEX and has a commitment to drill eight exploratory wells. To date, five wells have been drilled, with four previous discoveries made between 2012 and 2014. The latest well, A1-96/02, has now been recognized as the fifth discovery in the block by Libya's National Oil Corporation (NOC). This achievement highlights OIL's strategic focus on expanding its international exploration efforts and will lead to further appraisal activities to evaluate the overall resource potential.
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This discovery could lead to increased oil and gas production, potentially benefiting the local economy and creating jobs in the region.
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