New Delhi, April 28: The central government announced on Tuesday that recent oil and gas discoveries in Libya by Indian oil companies—Oil India Limited and Indian Oil Corporation Limited—along with local partners, showcase the international expansion of the country’s energy firms.
In a post on the social media platform X, the Ministry of Petroleum and Natural Gas congratulated Oil India Limited and Indian Oil Corporation Limited. Both companies were part of an Indian consortium, operating alongside Algeria’s SIPENEX, for oil and gas exploration in the Ghadames Basin.
The ministry stated that the discovery occurred in Contract Area 95/96, where wells were drilled to a depth of 8,440 feet. During testing, the well produced 13 million cubic feet of gas and 327 barrels of condensate daily from the Avinat Vanin and Avin Kaja structures.
The government further emphasized that this discovery highlights the importance of strategic international partnerships and aids India’s efforts to enhance energy security through the acquisition of foreign assets by national oil companies.
The government wished the consortium continued success in maximizing benefits from this asset, describing the discovery as a promising development for India’s global energy presence.
Earlier this month, during the budget session, the government informed that it aims to increase domestic crude oil production from the current approximately 29 million tons to 35 million metric tons by 2030 to meet the rising demand for petroleum products in the country.
Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, stated that the government is taking several measures to boost domestic production and reduce reliance on crude oil imports.
In a written response in the Lok Sabha, he mentioned policies including rapid monetization of hydrocarbon discoveries under production-sharing contracts, the Discover Small Field Policy, Hydrocarbon Exploration and Licensing Policy (HELP), and the extension of production-sharing contracts.
As of 11:30 AM, Oil India’s shares rose by 3.85% to 494, while Indian Oil Corporation’s shares fell by 0.37% to 145.
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