Indian Oil Corporation Limited has informed the Exchange regarding 'Intimation under Reg 30 of SEBI (LODR), Regulations 2015'.
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Indian Oil Corporation has announced a fresh oil and gas discovery in the onshore exploration Block Area 95/96 in the Ghadames Basin of south-western Libya. Indian Oil holds a 25% participating interest in the consortium along with Oil India Limited. The block covers approximately 6,600 sq. km and is operated by Sonatrach. Out of 8 planned exploratory wells, 5 had already been drilled, and the 6th well has now resulted in a confirmed hydrocarbon discovery recognised by Libya's National Oil Corporation. Detailed appraisal and evaluation activities are planned to assess the commercial potential of this discovery.
This discovery reinforces Indian Oil's international exploration portfolio and aligns with its strategy to strengthen overseas upstream assets. However, it is an early-stage discovery with no immediate revenue impact since commercial viability and development timelines remain to be assessed.