Oil India Discover Oil Gas In Libya: A big and happy news has emerged for India amidst the Middle East war. Oil India Limited has reported the discovery of a foreign reserve of oil and gas. This stock has been found in Libya. Information has been given to the stock exchange on behalf of this government company. This discovery has been made in Area 95/96 Block of Libya. It falls in the Ghadames Basin located in the south-western area of ​​the country. This area is considered to have immense potential for hydrocarbons.

How much stake does Oil India have in this block?

Oil India has 25 percent stake in this block. This block is spread over an area of ​​approximately 6,630 square kilometers. It is part of an Indian consortium. Indian Oil Corporation Limited is also included in this.

According to the company, there is a plan to dig eight wells in this block. Five of these have been excavated. This reserve was discovered during the excavation of the sixth well. Libya’s National Oil Corporation (NOC) has recognized this discovery.

Oil and gas were found from so many wells in 2012-2014

Earlier, between 2012 and 2014, oil and gas were found from four wells. The company said that this new discovery will now be evaluated in detail. This will make it easier to assess the capacity of the stock. Oil India has said that this discovery can increase the value of its overseas assets. Also, it will prove helpful in increasing revenue in future.

This discovery is being considered important because the supply has been affected since the blockade and war on Hormuz. About one-fifth of the world’s oil is supplied through this route. In such a situation, it has affected the world economy. Inflation has increased in the countries of the world due to the supply of gas and oil. Shortage of millions of barrels of oil has been seen in the markets.

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