Oil India acquires field in Libya

Guwahati, March 23 | Updated: Mar 24 2005, 05:42am hrs
The Oil India Limited (OIL) has acquired its first overseas oil field in Libya while the India Today and Crisil have rated it as one of the five best managed PSUs in the country.

The oil major is all set to explore in Libya and a memorandum of understanding was signed on Tuesday at the countrys capital Tripoli and thus becoming the first Indian PSU to set food on the Libya desert.

According to OIL sources here on Wednesday, this is a major achievement as they have outbid some of the super world giants Occidental, Liwa, Petrocanda, Woodside and CNPC. The contract was signed between the consortium of OIL and Indian Oil Corporation Limited (IOCL) and the National Oil Company (NOC), Libya.

The signatories were Abdul Saleen el Badri, NOC chairman, SK Srivastava of OIL and Aloke Roy of IOCL.