Hyderabad, April 28: Oil India Limited and Indian Oil Corporation Limited recorded a major oil and gas discovery in Libya, the Centre said on Tuesday.
The government stated that the development reflects the growing global footprint of Indian energy firms. Moreover, it highlighted India’s push to strengthen energy security through overseas assets.
Libya Oil Discovery Strengthens India Energy Strategy
The Ministry of Petroleum and Natural Gas said the discovery was made in Libya’s Ghadames Basin. The Indian consortium included OIL, IOCL and SIPEX Algeria as the operator.
Officials said the well was drilled to a depth of 8,440 feet in contract area 95/96.
During testing, the well produced 13 million cubic feet of gas daily. Additionally, it yielded 327 barrels of condensate per day from the Awynat Wanin and Awyn Kaza formations.
The ministry described the discovery as an important step for India’s international energy presence. It also stressed the role of strategic partnerships in overseas exploration projects.
Earlier this month, Union Minister Hardeep Singh Puri informed Parliament that India aims to raise crude oil production to 35 million metric tonnes by 2030.
The government is also promoting policies to increase domestic hydrocarbon production and reduce dependence on imports.
Following the announcement, OIL shares rose over 4 percent during intraday trading. Meanwhile, IOCL shares remained largely flat.
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