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Oil India Ltd, a nationalized energy major, has announced that the drilling of Libya oil blocks will begin in October.
"We will drill four wells in Libya by 2010-11. We are hoping to begin onshore drilling in Libya by October by digging the first of the four wells," OIL Executive Director for Corporate Affairs Narendra Bhalla told the reporters in Kolkata.
An Rs.5,500-crore worth agreement has been signed by OIL and its partners, Algeria's Sonatrach and the Indian Oil Corporation, with the Libya-based National Oil Corporation for obtain oil and gas from outside India.
On the $7.4-billion Iran-Pakistan-India piped gas project, Bhalla said it was likely to be operational by 2012-13, following the green signal from Iran.
OIL has plans to drill Rs.4,500 crore a period of two years.
"There will be an investment of Rs.2,800 crore in exploration, Rs.1,000 crore in development and Rs.700 crore for procurement of capital equipment," the official said.
