OIL qualifies for Libyan oil blocks

Nov. 15, 2007 at 11:42 AM
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NEW DELHI, Nov. 15 (UPI) -- State-owned Oil India Ltd. has qualified as a non-operator in the latest round of oil block auctions in Libya.

OIL and its overseas exploration partner, Indian Oil Corp., are talking with 35 other oil companies that have qualified as operators, said OIL Chairman and Managing Director M.R. Pasrija.

OIL and IOC did not qualify as operators as neither has previous experience in offshore blocks. They are among 21 other companies qualified as non-operators, Pasrija said.

"We cannot reveal the names of companies we are looking to partner in Libya. We are keeping our options open on both the partner and the number and area of blocks we may bid for," Pasrija said.

The OIL-IOC consortium already has stakes in two blocks in Libya, Block 102-4 and Block 086 in the Sirte Basin. They have made oil and gas finds in the adjoining blocks in the basin, Pasrija said.

"We will complete seismic surveys by December this year and begin drilling in our Libya blocks soon after," Pasrija said.

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