Mumbai: Indian Oil Corporation is strengthening its global exploration portfolio with a new oil and gas discovery in Libya, marking another step in its overseas upstream ambitions.
Discovery Boosts Exploration
Indian Oil Corporation Limited has confirmed a fresh hydrocarbon discovery in Libya’s onshore Area 95/96 block. The find comes from the sixth exploratory well drilled under an ongoing exploration program. With a 25 percent participating interest, the company is part of a consortium actively exploring the region. The discovery adds to earlier successes in the block, reinforcing its status as a productive hydrocarbon zone.
Block Shows Strong Potential
Spread across approximately 6,600 square kilometres in the Ghadames Basin of south-western Libya, the exploration block has consistently delivered promising results. Out of the eight planned exploratory wells, five had already been drilled before this latest effort. Earlier drilling campaigns had resulted in multiple oil and gas discoveries, highlighting the area’s strong geological potential and making it a key asset in the consortium’s portfolio.
Consortium Drives Progress
The exploration activities are being carried out by a consortium that includes Indian Oil and Oil India Limited, with operations led by Sonatrach International Petroleum Exploration and Production Corporation. Following the resumption of drilling activities, the sixth well yielded positive results. After initial testing and evaluation, Libya’s National Oil Corporation formally acknowledged the well as an additional hydrocarbon discovery, validating the consortium’s efforts and technical approach.
Supports Global Strategy
The latest discovery aligns with Indian Oil’s broader strategy to expand its international exploration and production footprint. The company is focusing on high-potential overseas opportunities through partnerships, leveraging shared expertise and resources. Further appraisal and evaluation activities are planned to better understand reservoir characteristics, estimate resources, and assess the commercial viability of the find, which could guide future development plans.
The disclosure was made on April 27, 2026, under SEBI’s Listing Obligations and Disclosure Requirements regulations, underscoring the company’s compliance with regulatory transparency.
Disclaimer: This article is based solely on the company’s official regulatory filing and does not include independent verification or external analysis of the disclosed information.
