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INDIAN OIL CORP WINS OIL BLOCK IN LIBYA.
NEW DELHI, Feb 1 Asia Pulse - Indian Oil Corp (BSE:530965) and its partner Oil India Ltd have won an oil block in Libya in the first ever joint foray in oil and gas exploration overseas.
IOC-OIL won onshore Block-086 in the highly prospective Sirte basin, officials in IOC said.
The two firms had last month forged an alliance for joint venture into oil and gas exploration and production in other countries.
Officials said under the conditions of the licence, IOC-OIL will get 18.4 per cent share of any future production in the block, with the remaining 81.6 per cent going to Libya's national oil company.
If oil is proven in the licence areas, Libya, which is a member of the Organisation of Petroleum Exporting ...
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Source: HighBeam Research, INDIAN OIL CORP WINS OIL BLOCK IN LIBYA.