IndianOil-led consortium makes fresh hydrocarbon discovery in Libya block

State-run Indian Oil Corporation Limited (IOCL) on Monday said a consortium it is part of has made a fresh oil and gas discovery in an onshore exploration block in Libya.

IndianOil holds a 25% participating interest in the consortium, which also includes Oil India Limited.

The group is undertaking exploration activities in Block Area 95/96 located in the Ghadames Basin in south-western Libya, a well-established hydrocarbon region.

The block, spread over about 6,600 sq km, is operated by Sonatrach International Petroleum Exploration and Production Corporation.

The consortium’s exploration programme envisages drilling eight wells, of which five have already been completed.

The latest discovery was made following the drilling of the sixth exploratory well after the resumption of operations, the company said in a regulatory filing to stock exchanges.

Libya’s National Oil Corporation has formally recognised the well as an additional hydrocarbon discovery in the block after initial testing and evaluation.

“The discovery further reinforces the hydrocarbon potential of the Area 95/96 Block,” IOCL said in a statement.

IndianOil said detailed appraisal and evaluation activities will now be undertaken to assess reservoir characteristics, firm up resource estimates and examine the commercial potential of the discovery.

“This development represents an important milestone in IndianOil’s overseas upstream portfolio and aligns with the company’s strategy of strengthening its international exploration and production footprint, while leveraging partnerships to pursue selective, high-potential overseas opportunities,” it added.