New Delhi: State-run Oil India Limited (OIL) has reported a fresh oil and gas discovery in Libya’s Area 95/96 block, marking the fifth find in the acreage as exploration activity resumes in the Ghadames Basin. The company said it holds a 25 percent participating interest in the onshore block, which it shares in a consortium with Indian Oil Corporation Limited (IOCL) and which is operated by SIPEX. The block sits in the highly prospective Ghadames Basin in south-western Libya and covers about 6,630 sq km.
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OIL said the block had already seen five completed wells, of which four made oil and gas discoveries during 2012-14, and that the latest well, A1-96/02, has now added a new gas and oil find.
Libya’s National Oil Corporation (NOC) earlier said the discovery came from the sixth well in Contract Area 95/96, about 70 km from the Wafa field. It said the well reached a final depth of 8,440 feet and was producing 13 million cubic feet of gas and 327 barrels of condensate a day from the Awynat Wanin and Awyn Kaza formations. The Ghadames Basin is shared by Libya, Algeria and Tunisia and lies about 600-620 km southwest of Tripoli.
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OIL said the development is a “significant achievement” for the company and “reinforces OIL’s strategic focus on expanding its international footprint.” The company’s international E&P portfolio spans 10 assets across seven countries, one of which is Libya’s Area 95/96. OIL’s website also says force majeure on the block was revoked in June 2023 and that appraisal and remaining drilling work are still planned.