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Corporate
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Overseas Investments
OIL, partners to get Libyan assets
New Delhi, May 29
Oil India Ltd (OIL) along with its consortium partners
Indian Oil Corporation and Algeria's Sonatrach has
signed an agreement with National Oil Corporation of
Libya to acquire four
exploration blocks in
Libya. According to an
official statement, the
agreement covers
contract area (95/96)
in Ghadames Basin
and comprises of total
of four blocks, one
block within 95(2) and
three blocks within 96
(1, 2 & 4). Estimated
reserves from the identified prospects indicated more
than 2.0 Tcf gas and 95 million barrels condensate with
possible oil considered as an upside. The statement said
that the consortium is committed to a minimum work
programme of 2,000 km of 2D, 2,600 km of 3D and eight
exploration wells, at an estimated cost of $152 million. -
Our Bureau
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