AfrOil: India’s OIL eyes return to Libya
Oil India Ltd. (OIL) has expressed renewed interest in resuming operations in Libya and is currently in talks with state-owned National Oil Corp. (NOC) on the exploration of two new blocks in the North African country, according to the Indian company’s chairman Ranjit Rath.
OIL became active in 1992, when it first acquired upstream assets in various Libyan basins, but quit the country in 2011, following the popular uprising that resulted in extended political unrest and civil war. Now the company is looking to start drilling once again, largely due to the return of some degree of stability to Libya, as well as the announcement of governmental incentives.
Other Indian firms, including ONGC and IOC, have also expressed interest in potential partnerships with NOC to enter Libya. The North African country is now working to attracting more foreign investment and has said it intends to make changes in the fiscal regime covering oil and gas investments.