State-owned Oil India Ltd is looking to resume its operations in the block Area 95/96 in Libya in the next financial year, an official source told FE. The company had suspended its operations in the block since May 2014 under force majeure clause, following the civil unrest in the African country. However, with the easing of the situation, Oil India expects to restart its operations in the block soon.
The company has a 25% participating interest (PI) in the block with another 25% with Indian Oil Corp and the remaining 50% with SIPEX (Sonatrach International Production and Exploration). SIPEX is also the operator of the block Area 95/96 in Libya.
