OIL signs pact for blocks in Libya

In a major breakthrough for the state-run Oil India Limited (OIL) in securing oil and gas assets abroad, the company and its partners have entered into an agreement with National Oil Corporation of Libya for four exploration blocks in that country that are estimated to hold two trillion cubic metres (tcm) of gas reserves. According to an official spokesman here, a consortia of OIL, Algeria's Sonatrach and Indian Oil Corporation, signed exploration and production sharing agreement with the National Oil Corporation of Libya.