Oil India looks for fresh opportunities in Libya

Vol 9, PW 22 (23 Feb 06) News in Brief

Oil India and Indian Oil are looking for fresh opportunities in Libya.

Oil India made a presentation on 24th January in Tripoli to the countrys state-owned National Oil Corporation highlighting its strengths in development of small and marginal fields. Oil India and Indian Oil want a slice of the marginal and mature fields soon to be auctioned by Libya.

Competition is expected from big companies like Total and Occidental. Says a source: Theres no news yet on when these fields will be offered.

Libya is emerging as a new focus area for Oil India and Indian Oil. In 2005, they won onshore block 120/4 in the prospective Sirte basin.

Also last year, they won onshore block 86, again in the Sirte Basin. For both blocks, Oil India has issued tenders to select contractors to shoot the 2D committed in the minimum work programme.