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Oil India to give up 2 blocks in Libya

Oil India to give up 2 blocks in Libya
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First Published: Thu, Jan 27 2011. 11 58 AM IST
Updated: Thu, Jan 27 2011. 11 58 AM IST
New Delhi: State-run explorer Oil India Ltd will relinquish two exploration blocks in Libya, its chairman N.M. Borah told reporters on Thursday, as their operations were not viable.
“About 3 weeks back we applied the Libyan authorities (for relinquishing the two blocks),” Borah said.
He said the decision to give up the blocks was taken as they were not commercially viable.
Borah said Oil India was the operator of the two blocks with a 50% stake, while the rest was held by Indian Oil Corp, another state-run firm.
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First Published: Thu, Jan 27 2011. 11 58 AM IST