IOC and OIL sign contract
Posted: 23 March 2005
State-run firms Indian Oil Corp (IOC) and Oil India Ltd (OIL) have signed a contract to explore oil in Libya , an Oil India statement said.
"This historic agreement is the first production sharing contract which has been won by the OIL/IOC consortium through competitive bidding in the Libyan EPSA (Exploration and Production Sharing Agreement) Round Four," OIL said.
The contract, signed with Libya 's National Oil Company, follows a successful bid by the Indian firms for Block No. 86 in the Sirte basin of the oil exporting country.
IOC, India 's largest refiner, and OIL, a small exploration firm, have teamed up to scout for foreign petroleum assets in addition to secure oil supplies for the country, which imports 70 per cent of its crude oil requirement.
Posted by Editor Pipeline Magazine
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