Oil India Ltd. to start drilling in Libya from October 2009; OIL’s IPO to raise nearly Rs. 3,000 crore from the market; OIL to develop Iran gas filed at an investment of over Rs. 4,500 crore
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  • Reports noted that Oil India Ltd (OIL) will start drilling oil blocks in Libya from October 2009 for exploring an estimated two trillion cubic metres of reserves. OIL Executive Director for Corporate Affairs Narendra Bhalla told reporters that the company will "drill four wells in Libya by 2010-11." OIL and its partners - Algeria's Sonatrach and the Indian Oil Corporation - entered into a Rs. 5,500 crore agreement with the National Oil Corporation of Libya for drilling rights in four exploration blocks.

    Bhalla also stated that the $7.4-billion Iran-Pakistan-India (IPI) gas project was likely to be operational by 2012-13.

    OIL is scheduled to come out with an IPO on September 7 to raise Rs. 2,800 crore from the market. The company was also partnering with Iran to jointly develop the world's largest gas field with an investment of over Rs. 4,500 crore over the next two years1.