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Our Bureau

New Delhi, Dec. 10

State-owned entities Oil India Ltd (OIL)-Indian Oil Corporation Ltd (IOC) that have partnered with Algerian firm Sonatrach have won areas 95 (1 block) and 96 (3 blocks)in Libya.

A senior official of OIL told Business Line, that the OIL-IOC combine had qualified as financial investors for the first gas blocks licensing round of Libya. The Indian companies had associated with the Algerian firm, which will be the operator of these blocks which were awarded to the partners on Sunday.

Libya on Sunday awarded four gas exploration contracts to exploration majors – Shell, Gazprom, Sonatrach and PKN Orlen. The blocks won by Sonatrach, OIL-IOC combine was located in the western Ghadames basin. Libya’s National Oil Company in September had said that 35 companies had qualified as operators and 21 as investors in the country’s first gas licencing round offering 41 blocks.

OPEC member Libya is the African continent’s second-largest oil producer at 1.7 million barrels a day. It also has natural gas reserves estimated at 1,314 billion cubic meters.

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