Government company Oil India discovered oil treasure in Libya
A very wonderful news has emerged for India from the international front. The country’s leading government petroleum company Oil India Limited has discovered a new reserve of oil and gas in Libya on the African continent. This is a historic success for our country which largely depends on imports for its energy needs. When Indian government companies are successful in exploring and developing their own oil wells abroad, it gives the country a huge cushion against future international crude oil price shocks.
‘Black gold’ found in the desert
Oil India has made this discovery in Ghadames Basin of south-western Libya. In the energy world, this area is known for its immense possibilities of hydrocarbons. The company has achieved this success in the onshore exploration block (Area 95/96) here. Oil India is not alone in this foreign project, but under an Indian consortium formed with Indian Oil Corporation (IOCL), Oil India holds a 25 percent stake in this block. This huge area of about 6,630 square kilometers is being operated by a company named SIPEX.
The sixth well opened luck
Under this entire project, a target of digging a total of 8 exploratory wells was set. Before this new success of Oil India, drilling of five wells had been completed in the area. The best thing was that oil and gas reserves were found in four of these wells between 2012 and 2014. Now when exploration activities once again started in full swing in this block, the sixth well (A1-96/02) was drilled. This well has opened the way to a new deposit of gas and oil.
After success in initial tests, Libya’s National Oil Corporation (NOC) has officially declared it the fifth largest discovery in the block. This announcement proves what a huge treasure of hydrocarbons exists in this region.
Oil India shares rise
The impact of this wonderful news was also seen in the domestic stock market. Oil India shares closed with slight strength on the Bombay Stock Exchange (BSE). At the end of trading, the company’s shares reached Rs 476.20 with an increase of Rs 2.50 (0.53 percent). If we look at the performance of the last five trading days, a rise of 1.05 percent has been recorded in this stock.
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Disclaimer: This article is for information only and should not be considered as investment advice in any way. TV9 Bharatvarsh advises its readers and viewers to consult their financial advisors before taking any money-related decisions.
