IOC, OIL in JV for Libyan oil block

Jan. 22, 2008 at 2:27 PM
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NEW DELHI, Jan. 22 (UPI) -- State-run Indian Oil Corp. and Oil India Ltd. have joined hands with Algeria's Sonatrach to explore oil in a Libyan block.

The Algerian company will own 50 percent interest, while the two Indian companies will each own half of the remaining stake, an IOC official said.

The companies, which have agreed to cooperate for oil and gas acquisitions abroad, have also teamed up with Reliance Industries Ltd. to explore a block in Timor Leste, the official told Business Line newspaper Tuesday.

The official also said OIL received a petroleum exploration license from the government of the Indian state of Andhra Pradesh to explore hydrocarbons in onshore block KG-ONN-2004/1. The company said this is a significant development because the block is adjacent to the one that contains the prolific Ravva field.

OIL holds a 90 percent interest in the block, while Canada's Geoglobal holds the rest.

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