The Hindu Business Line : IOC-OIL scout for local partner to bid in Libya

The consortium of State-owned Indian Oil Corporation Ltd (IOC) and Oil India Ltd (OIL) are scouting for a local partner to bid in the latest gas exploration auction round of Libya. The consortium that has qualified as financial investors needs a partner, who has qualified as an ‘operator’, in order to participate in the bidding round. The two State-owned companies are in talks with local companies.

The companies declined to disclose the names of the companies with whom they are in talks with. However, indications are that they are talking to mid-sized companies. “Both IOC and OIL are talking to pre-qualified operators in order to bid in the latest auction round of Libya,” sources told Business Line. IOC-OIL has to find a partner before November end. Libya’s National Oil Corporation had announced licensing round to award 41 contracts. The bidders are required to submit their bids on December 9. Of these 41 blocks, 22 are located offshore. Libya has held three oil exploration licensing rounds and the latest round has been limited to gas as it felt that the areas offered were having promising gas potential.

Libya has 53 trillion cubic feet of proven gas reserves according to reports and is a growing exporter to Europe. Participation in the latest round would not be the first attempt by IOC-OIL. The consortium already has two blocks in that country – Block 102-4 and Block 086 in Sirte Basin. Sources said, the consortium proposes to start drilling activity in these blocks by end of 2008.

More Stories on : Alliances & Joint Ventures | Petroleum | Overseas Investments

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Suven, US varsity in pact

L&T set to float $1-b infrastructure fund

3 bidders for ultra mega power projects in AP

Deccan Chronicle buyback plan

Bio-diesel plant using variety of materials as feedstock developed

Essar Steel completes buyout of Minnesota

BHEL venture with TNEB for Rs 8,500-cr project

Sun Pharma confident of closing Taro deal

Glenmark in marketing tie-up with MyerZall Labs

IOC-OIL scout for local partner to bid in Libya

Indian firms turn to Paraguay for farming

Closed tea gardens look for turnaround

Toyota open to using India as overseas production base

Kajaria Ceramics to expand Sikandrabad unit

Dr Reddy’s new pill to revitalise betapharm

Rupee appreciation has little impact on L&T