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Oil India looking at return to Libya

February 8, 2024 at 6:13 pm

Ranjit Rath, chairman and managing director of Oil India Ltd., during the 2023 CERAWeek by S&P Global conference in Houston, Texas, US, on Wednesday, March 8, 2023. [Carter Smith/Bloomberg via Getty Images]

Oil India is in talks with stakeholders to restart drilling in Libya, thirteen years after the company exited the country due to political instability, Reuters reports.

“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 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 authorised to speak to media.

Shares of the state-run oil explorer jumped as much as 12.4 per cent to a record high of 516.40 rupees ($6.2) on Tuesday.

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

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