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Indian Oil-OIL, OVL to bid for Libyan blocks

Friday, 16 Sep 2005
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Indian Oil Corp along with OIL and ONGC Videsh, will take part in the second round of oil and gas blocks bidding in Libya. 

The bids for the second round will open on 2 October 2005. Libya has offered 44 blocks in the second round of bidding under the Exploration & Production Sharing Agreement.

In the current round of bidding, Libya has offered ten offshore blocks, eight blocks each in Cyrenaica, Murzuq and Kufra basins, six in Sirt Basin and four in Ghadames basin.

The Sirt Basin has 80 per cent of Libya's oil reserves and 90 per cent of its production. The region is also expected to be the focus of most exploration companies.

Also See:

IOC, OIL sign pact to explore in Libya (22-Mar-05)

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