OVL to bid for Libyan oil blocks

Aug. 23, 2006 at 11:12 AM
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NEW DELHI, Aug. 23 (UPI) -- India's state-run Oil and Natural Gas Corp. Videsh Ltd. has said it will participate in Libya's oil and gas exploration round.

On Aug. 14, Libya announced a new round of bidding for the rights to hunt for oil. It wants the world's energy giants to flock to the country now flush with Western investment and which is sitting on major oil reserves waiting to be explored, The Pioneer newspaper reported Wednesday. The Libyan government is also keen to seek global help to modernize its refineries.

OVL said it is in the process of studying the technical feasibility of the blocks that the Libyan government is putting for the exploration round.

Libya's government-owned National Oil Corp. has invited the world's major oil firms to participate in the third oil licensing auction. The companies have until Sept. 9 to put forward their proposals, and the blocks will be carved up Dec. 20.

The Indian Petroleum and Natural Gas Ministry has said it is keen to get the Libyan blocks; the ministry is planning to send a delegation to Libya for detailed discussions on the prospective oil and gas blocks.

The ministry delegation will hold talks with Libyan government and the National Oil Corp.

Tripoli wants to increase refining capacity to one-third of targeted oil production. Major Indian refineries -- the Indian Oil Corp., Hindustan Petroleum and Bharat Petroleum -- are planning to bid for the modernization of Libya's refineries.

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