The government announced that Indian oil marketing companies, Oil India Limited (OIL), and Indian Oil Corporation Limited (IOCL), made a notable oil and gas discovery in Libya. The Ministry of Petroleum and Natural Gas congratulated OIL and IOCL, part of an Indian consortium with SIPEX, Algeria, for the discovery in the Ghadames Basin. The discovery occurred in “contract area 95/96, with the well drilled to a final depth of 8,440 feet.
During testing, the well yielded 13 million cubic feet of gas and 327 barrels of condensate per day from the Awynat Wanin and Awyn Kaza formations. The government emphasized the significance of strategic international partnerships and India’s efforts to enhance energy security through acquiring overseas assets by national oil companies. It expressed optimism for the consortium’s future success in maximizing the asset’s value and hailed the find as a positive development for India’s global energy presence.
In the Budget session earlier this month, the government disclosed plans to raise domestic crude oil production to 35 million metric tonnes by 2030, aiming to meet the increasing demand for petroleum products in the country. Union Petroleum and Natural Gas Minister, Hardeep Singh Puri, highlighted various measures being taken to boost domestic output and reduce reliance on crude oil imports. These measures include policies for early monetization of hydrocarbon discoveries, the Discovered Small Field Policy, the Hydrocarbon Exploration and Licensing Policy (HELP), and extending production sharing contracts.
On Tuesday, OIL shares surged over 4% to Rs 497 on the BSE, while IOCL shares traded flat at Rs 145, down 0.3%.
