Libya oil discovery reflects growing global footprints of Indian energy firms: Govt

India’s Oil India Limited and Indian Oil Corporation Limited, with partners, discovered oil and gas in Libya’s Ghadames Basin, boosting India’s global energy footprint and supporting efforts to strengthen energy security and reduce crude import dependence

New Delhi: The government on Tuesday said the recent oil and gas discovery in Libya by Indian oil marketing companies (OMCs) — Oil India Limited (OIL), and Indian Oil Corporation Limited (IOCL) — with local operators reflects the growing global footprint of the country’s energy firms and their expanding presence in overseas assets.

In a post on social media platform X, the Ministry of Petroleum and Natural Gas (MoPNG) congratulated OIL and IOCL, which were part of an Indian consortium with SIPEX, Algeria as the operator for the discovery in the Ghadames Basin. The discovery was made in “contract area 95/96, where the well was drilled to a final depth of 8,440 feet,” the ministry said.

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During testing, the well achieved production of 13 million cubic feet of gas and 327 barrels of condensate per day from the Awynat Wanin and Awyn Kaza formations. The government also noted that the discovery showed the importance of strategic international partnerships and highlighted India’s push to strengthen energy security through the acquisition of overseas assets by national oil companies. It also wished the consortium continued success in unlocking greater value from the asset and described the find as a promising development for India’s global energy presence.

Earlier this month, during the Budget session, the government informed that it had set a target to increase domestic crude oil production to 35 million metric tonnes by 2030, from about 29 million tonnes at present, to meet rising demand for petroleum products in the country. Union Petroleum and Natural Gas Minister, Hardeep Singh Puri, had said that the government was taking multiple steps to boost domestic output and reduce dependence on crude oil imports.

These included policies for early monetisation of hydrocarbon discoveries under the production sharing contract regime, the Discovered Small Field Policy, the Hydrocarbon Exploration and Licensing Policy (HELP), and the extension of production sharing contracts, he said in a written reply in the Lok Sabha.

On Tuesday, OIL shares were increased by more than 4 per cent at an intraday high of Rs 497 on the BSE. IOCL shares were trading on a flat note at Rs 145, down 0.3 per cent.