Wednesday, 23 February 2011
Libya: Indians surrender licence areas
OIL and IOC completed the minimum work programmes for both areas on time and on budget. They drilled a pair of exploratory wells in area 86 and one well in 102/4. "Though hydrocarbons presence has been established in the blocks, it was not found to be commercially exploitable," Borah told the Hindu Business Line, a Chennai-based business and financial online daily.
The companies are partners with Algeria's Sonatrach, which is the exploration operator in areas 95 and 96, obtained in the fourth licensing round in December 2007. The work programme is progressing on schedule.
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