OIL to start drilling in Libyan block 

Guwahati, Sep 5: Public sector Company, Oil India Limited will start drilling in Libyan blocks by October-November this year. 

In two blocks in Libya oil is the operator and in one block it is a partner. Oil is operator in block-oil 86 in scrub desert area of Western Libya. It is also operator in block 102(4).   

During the Libyan Exploration and Production Service Agreement (EPSA IV) Bid Round I, 2004, the OIL - IOCL combine in its maiden attempt as consortium partners acquired this onshore block oil 86 in the oil-prolific Sirte Basin. 

Director exploration and development, B.N Talukdar said on Friday, “By October-November this year we will start drilling in one of the blocks. 2D seismic acquisition completed. Processing has started,” 

OIL is planning to lay a pipeline from Numaligarh in Upper Assam to Guwahati in order to supply piped gas to the city. 

OIL will hit the capital market on September 7 with an initial public offering.  The offer will be open from September 7 and will close on September 10.The price-band has been fixed between Rs 950 and Rs 1,050 per equity share.   

The company was about to come with IPO last year but due to global economic slowdown it postponed the IPO. 

OIL is looking to invest to around Rs 11, 000 Crore in different explorations and development activities. While 60 percent of this will come from internal generations, 40 percent will come from the IPO