ONGC Videsh To Acquire Libyan Exploration Licenses

ONGC Videsh is expected to sign an agreement with Libya by the end of the month for two onshore exploration blocks. Earlier this month the Libyan parliament approved the proposal by ONGC Videsh to acquire rights to the two onshore blocks.

ONGC Videsh has teamed up with Turkish Petroleum Overseas for the project. One of the exploration blocks is located in the Sirte Basin of Libya and covers and area of about 2,100 square kilometers. The second block is located in the Ghadames basin and is spread over an area of 6,600 square kilometers. The seismic survey of both the exploration blocks has been completed and the drilling of exploratory wells will commence as soon as the agreement is formalized. OVL will invest approximately $30 - $40 million in the exploration phase of the project.