Indian Consortium Announces Significant Oil And Gas Discovery in Libya
New Delhi, April 28: Oil India Limited, in partnership with Indian Oil Corporation Limited, has announced a fresh oil and gas discovery in Libya’s prolific Ghadames Basin, marking a key milestone in India’s overseas exploration efforts.
The discovery was made in onshore Block Area 95/96, a vast concession spanning approximately 6,630 square kilometres in south-western Libya. The block is operated by SIPEX, with the Indian consortium holding a 25% participating interest. The development plan for the block includes drilling eight exploratory wells.
The latest find comes from the sixth well, designated A1-96/02, which has successfully confirmed the presence of hydrocarbons. Following testing, Libya’s National Oil Corporation has formally recognised it as the fifth discovery within the block, reinforcing the region’s strong exploration potential.
Earlier drilling campaigns between 2012 and 2014 had already yielded promising results, with four out of five wells leading to oil and gas discoveries. The resumption of drilling activities has now added further momentum to the project.
Further appraisal activities are planned to determine the size and commercial viability of the newly discovered reserves. The discovery is expected to strengthen Oil India’s global portfolio and aligns with India’s broader strategy to expand its international energy footprint.
At a time of rising energy demand and global supply uncertainties, such overseas developments are seen as critical to enhancing India’s long-term energy security and reducing dependence on limited sources.
