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India Strikes Major Oil and Gas Discovery in Libya (Image Source: Dynamite News)
New Delhi: India has marked a significant milestone in its global energy ambitions with a successful oil and gas discovery in Libya’s Ghadames Basin. The announcement was made by the Ministry of Petroleum and Natural Gas, congratulating Oil India Limited and Indian Oil Corporation Limited for their achievement.
The discovery was made in contract area 95/96 in the Ghadames Basin, where Indian companies are part of a consortium along with SIPEX, Algeria, which serves as the operator. The well was drilled to a depth of 8,440 feet.
During testing, the well recorded production levels of 13 million cubic feet of gas and 327 barrels of condensate per day, sourced from the Awynat Wanin and Awyn Kaza formations.
This discovery highlights the expanding global presence of Indian energy firms and underscores the importance of strategic international partnerships. It also reflects India’s continued push to enhance its energy security by investing in overseas oil and gas assets.
The government emphasized that such developments are crucial for securing long-term energy needs and reducing dependence on imports. Overseas exploration and production initiatives by Indian public sector companies are a key part of this strategy.
The Ministry expressed optimism about the consortium’s future efforts in unlocking greater value from this promising asset, signaling more opportunities for India’s energy sector on the global stage.
