State-owned Oil India has discovered oil and gas in Libya, according to an Indian stock exchange filing.
The discovery was made in Area 95/96 block, located in the Ghadames Basin in the southwestern region of the country. The area is considered highly prospective for hydrocarbons.
Oil India holds a 25% stake in the block, which covers an area of around 6,630 sq km, as part of an Indian consortium that also includes the Indian Oil Corp (IOCL).
Oil India said the find could enhance the value of its overseas assets and potentially open new revenue streams in the future, while further strengthening its global exploration footprint.
