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Indian Oil Corp. Ltd. ( (IN:IOC) ) has provided an announcement.
Indian Oil Corporation Ltd. said it holds a 25% participating interest in an Indian consortium with Oil India Ltd. that is exploring onshore Block Area 95/96 in the Ghadames Basin in south‑western Libya, a well‑known hydrocarbon province operated by Sonatrach International. The block spans about 6,600 sq km and has already yielded multiple oil and gas finds from earlier drilling, highlighting its strong geological potential.
The company disclosed that drilling of the sixth exploratory well, following the resumption of activities, has resulted in a fresh oil and gas discovery that Libya’s National Oil Corporation has formally recognised as an additional hydrocarbon find in the block. The consortium plans detailed appraisal and evaluation to determine reservoir characteristics, resources and commercial viability, with Indian Oil calling the discovery a key milestone that supports its strategy to grow its overseas upstream footprint through selective, high‑potential partnerships.
More about Indian Oil Corp. Ltd.
Indian Oil Corporation Ltd. is a Maharatna public sector oil and gas major, active across refining, marketing and upstream exploration. The company has been expanding its international exploration and production portfolio, often partnering with other national oil companies to secure hydrocarbon resources in key global basins.
Average Trading Volume: 1,604,792
Technical Sentiment Signal: Buy
Current Market Cap: 2025B INR
For detailed information about IOC stock, go to TipRanks’ Stock Analysis page.