Oil India qualifies for Libyan auction
Published November 15th, 2007
The country’s second-largest government-owned oil and gas exploration company Oil India (OIL) has qualified as a non-operator in the latest round of oil blocks auction in Libya.
OIL and its international exploration partner Indian Oil Corporation (IOC) were now in talks with 35 other oil companies that have qualified as operators, said OIL Chairman and Managing Director M R Pasrija.
OIL and IOC did not qualify as operators as both of them have no previous experience in offshore blocks. They are among 21 other companies qualified as non-operators.
“We cannot reveal the names of companies we are looking to partner in Libya. We are keeping our options open on both the partner and the number and area of blocks we may bid for,” Pasrija said.
The consortium of OIL and IOC already has stakes in two blocks in Libya, Block 102-4 and Block 086 in the prospective Sirte Basin. Oil and gas discoveries have been made in adjoining blocks in the basin.
“We will complete seismic surveys by December this year and begin drilling in our Libya blocks soon after,” Pasrija said.
Related Articles
