HomeNewsOil India in Talks to Resume Drilling Operations in Libya After 13-Year Hiatus

Oil India in Talks to Resume Drilling Operations in Libya After 13-Year Hiatus

2/6/2024

(Reuters) — Oil India is talks with stakeholders to restart drilling in Libya, thirteen years after the company exited the country due to political instability, a top company official told Reuters.

"Because of some issues there was a hiatus. There is a resumption of talks," Oil India chairman Ranjit Rath told Reuters on the sidelines of the India Energy Week conference.

"We have a long-term risk-taking ability for overseas assets,” Rath said.

Earlier in the day, a source familiar with the matter said that the company was looking for more foreign assets and is in talks to restart drilling in Libya.

The source spoke on condition of anonymity because the person was not authorized to speak to media.

Shares of the state-run oil explorer jumped as much as 12.4% to a record high of 516.40 rupees on Tuesday.

The source said the company was in talks over two blocks in Libya, without giving a timeline for a possible deal.

Meanwhile, there was an attempt to invoke force majeure in the Mozambique LNG project, Rath said.

Companies including Oil India and Oil and Natural Gas Corp. are hoping that gas output from the Mozambique project will start from 2026-27.

The project, operated by TotalEnergies, was initially set to deliver its first cargo in 2024 but has been under force majeure due to security reasons.

Oil India is also in talks with operators to ramp up oil production in Venezuela, a source familiar with the matter said.

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