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Oil India looking at return to Libya after 2011 exit

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Oil falls with economic slowdown fueling low demand concerns
  1. Oil India is considering a return to Libya and is currently in talks to restart drilling operations in the country, as revealed by an anonymous source familiar with the matter.
  2. The company had exited Libya in 2011 due to political instability.
  3. Shares of Oil India surged by as much as 12.4% to a record high of 516.40 rupees following this news.
  4. Discussions are underway regarding two blocks in Libya, but no timeline for a potential deal has been disclosed.
  5. The political situation in Mozambique is improving, and there are expectations to commence liquefied natural gas (LNG) production within the next two to three years.
  6. Oil India and Oil and Natural Gas Corp (ONGC) anticipate gas output from the Mozambique project to start around 2026-27, which is operated by TotalEnergies.
  7. Initially, the Mozambique project was scheduled to deliver its first cargo in 2024, but it has faced delays due to security concerns under force majeure.
  8. Oil India is actively seeking new assets, including opportunities abroad.
  9. Higher oil prices have made previously unviable areas potentially profitable, although drilling costs are rising due to increased demand for drilling services.
  10. Oil India is preparing to commence drilling activities in India’s KG Basin and Andaman Islands after completing seismic activities.

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