Business Update27 Apr 2026, 05:01 pm
IOCL: Hydrocarbon Discovery in Libya Exploration Block
AI Summary
Indian Oil Corporation Ltd (IOCL), with a 25% participating interest in an Indian consortium, has announced a new hydrocarbon discovery in the onshore exploration Block Area 95/96 in Libya's Ghadames Basin. The exploration block, operated by Sonatrach International Petroleum Exploration and Production Corporation, has seen the drilling of its 6th exploratory well, leading to this discovery. The National Oil Corporation (NOC), Libya, has formally recognized the well as an additional hydrocarbon discovery. Detailed appraisal and evaluation activities are planned to assess reservoir characteristics and commercial potential.
Key Highlights
- IOCL has a 25% stake in the exploration block in Libya.
- The discovery was made in Block Area 95/96, Ghadames Basin.
- The consortium has drilled 6 exploratory wells in the block.
- NOC, Libya, has recognized the well as a hydrocarbon discovery.
- Appraisal activities are planned to assess the discovery's potential.