Libya Oil Discovery: OIL & IOCL Strike Gas in Ghadames Basin
Synopsis
India's OIL and IOCL have struck gas and condensate in Libya's Ghadames Basin alongside Algeria's SIPEX, producing 13 million cubic feet of gas daily — a milestone that signals India's state-run energy firms are no longer just domestic players but credible global explorers.
Key Takeaways
OIL and IOCL , as part of an Indian consortium with SIPEX (Algeria) , discovered oil and gas in Libya's Ghadames Basin on April 28, 2025 .
The well in contract area 95/96 was drilled to 8,440 feet and produced 13 million cubic feet of gas and 327 barrels of condensate per day .
India has set a domestic crude oil production target of 35 million metric tonnes by 2030 , up from the current ~29 million tonnes .
OIL shares surged over 4% to an intraday high of Rs 497 on the BSE following the announcement.
The government is leveraging policies including HELP , the Discovered Small Field Policy , and production sharing contract extensions to boost energy output.
New Delhi, April 28: Indian state-owned energy giants Oil India Limited (OIL) and Indian Oil Corporation Limited (IOCL) have made a significant oil and gas discovery in Libya's Ghadames Basin, the Ministry of Petroleum and Natural Gas (MoPNG) announced on Tuesday, April 28. The find, achieved in partnership with SIPEX of Algeria as the operator, underscores India's accelerating push to secure overseas energy assets and bolster long-term energy security.
Key Details of the Libya Discovery
The discovery was made in contract area 95/96, where the exploratory well was drilled to a final depth of 8,440 feet. During testing, the well achieved a production rate of 13 million cubic feet of gas and 327 barrels of condensate per day from the Awynat Wanin and Awyn Kaza formations. The MoPNG described the find as
Point of View
India is quietly building energy diplomacy bridges across North Africa. At a time when domestic crude output stagnates near 29 million tonnes against a 35-million-tonne target, overseas finds like this are not optional — they are existential. The 4% OIL stock surge reflects market confidence, but the harder test will be whether India can convert discoveries into sustained production amid Libya's chronic political instability.
NationPress
21 Jul 2026
Frequently Asked Questions
What did OIL and IOCL discover in Libya?
OIL and IOCL, as part of an Indian consortium with Algeria's SIPEX, discovered oil and gas in Libya's Ghadames Basin. The well in contract area 95/96 produced 13 million cubic feet of gas and 327 barrels of condensate per day from the Awynat Wanin and Awyn Kaza formations.
Where exactly is the Libya oil discovery located?
The discovery is located in the Ghadames Basin in Libya, specifically in contract area 95/96. The well was drilled to a final depth of 8,440 feet.
Why is this Libya discovery important for India's energy security?
The find strengthens India's energy security by adding overseas hydrocarbon assets to its portfolio. India currently produces about 29 million tonnes of crude domestically and is targeting 35 million tonnes by 2030, making overseas discoveries critical to bridging the supply gap.
How did OIL and IOCL share prices react to the Libya discovery?
OIL shares jumped more than 4% to an intraday high of Rs 497 on the BSE following the announcement. IOCL shares traded flat at Rs 145, down 0.3%.
What policies is India using to boost its energy production?
India is pursuing multiple strategies including the Hydrocarbon Exploration and Licensing Policy (HELP), the Discovered Small Field Policy, early monetisation under production sharing contracts, and extensions of existing production sharing contracts, as outlined by Petroleum Minister Hardeep Singh Puri in Parliament.
