OIL in Libya

·         In May 2008 Oil India Ltd  signed Exploration and Production Sharing Agreement with National Oil Corp of Libya, along with its consortium partners Sonatrach, the National Oil Company of Algeria and Indian Oil Corp to acquire four blocks in Libya.

·         The Consortium signed the agreement on May 25 at Tripoli, Libya

·         The consortium won the blocks against stiff competition from several oil majors, including Gaz de France (with JAPEX and Lundin), Poliskie, British Gas and RWA.

·         The agreement covers contract area 95-96 in Ghadames basin and comprises of a total of four blocks, one block within 95 (2) and three blocks within 96 (1 2 and 4).

·         These blocks have a total area of 6,934 square kilometers in the south-western part of Libya around 700 kilometers from Tripoli adjoining the Algeria border which the Consortium won in the Public Bid Round four for gas exploration, held on December 9 last year.

·         Estimated reserves from the identified prospects indicated more than 2.0 Tcf gas and 95 MMbbl condensate with possible oil considered as an upside.

·         The Consortium is committed to a minimum work program of 2000 kilometers of 2D, 2600 kilometers of 3D and eight exploration wells, at an estimate cost of 152 million dollars.

·         Geological setting of the area is the southwestern part of Ghadames sedimentary basin, one of the major Paleozoic tectonic units of the country extending to Algeria in west and Tunisia towards north.

·         The prospects mapped are identified at all the Paleozoic (Ordovician-Devonian) levels with confidence.

·         However, due to the paucity of seismic data, the interpretation towards the eastern part is constrained.

·         M. R. Pasrija is Chairman and Managing Director of Oil India Limited and Dr. Shokri Mohamed Ghanem is NOC Chairman