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OIL-IOC consortium signs pact with Libyan co

Our Bureau

New Delhi , Dec 4

THE Oil India Ltd (OIL)-Indian Oil Corporation (IOC) consortium has signed a production sharing contract with the National Oil Company (NOC) of Libya at Tripoli.

OIL & IOC, the PSUs under the Ministry of Petroleum and Natural Gas, had formed a consortium last year to scout for opportunities in the E&P sector together leveraging respective strengths of the two companies.

The agreement was signed yesterday by the Chairman and Managing Director of OIL, Mr R.K. Dutta, and the Chairman of NOC Libya, Mr Badri. OIL and IOC consortium had won the block in the EPSA Round-2 against fierce global competition, an official release said here today.

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