Great news for India's energy industry. Indian companies discovered fresh oil and gas reserves in Libya, contributing to energy security in India. The discovery was made known through a statement issued by the Ministry of Petroleum and Natural Gas via its social media page. The Indian minister of petroleum and natural gas, Mr. Hardeep Singh Puri, also took time to celebrate the achievement.

The fresh oil and gas reserves were discovered in Contract Area 95/96 of the Ghadames Basin in Libya. The Indian consortium comprises Oil India Limited and Indian Oil Corporation Limited, whereas the project is run by an Algerian firm, SIPX.

According to sources, the well was drilled at depths of approximately 8,440 feet. Testing revealed a daily production of approximately 13 million cubic feet of gas and 327 barrels of condensate. This production came from the Avinat Vanin and Avin Kaza formations, highlighting the region's energy potential.

The Ministry has described this discovery as a significant example of the growing global expansion of Indian energy companies. It has also stated that this success highlights the importance of international partnerships. India is continuously investing in energy assets abroad to meet its energy needs, and this discovery is part of that strategy.

It is worth noting that the government is also working to increase domestic crude oil production. The goal is to increase production from the current approximately 29 million metric tons to 35 million metric tons by 2030, reducing dependence on imports. For this, several policies like Production Sharing Contract System, Discovered Small Field Policy and Hydrocarbon Exploration and Licensing Policy (HELP) are being implemented.