ONGC Videsh (OVL) and the Oil India-Indian Oil Corporation (OIL-IOC) combine have won an oil block each in Libya.While OVL, the overseas arm of Oil and Natural Gas Corporation (ONGC), won block 81/1 in Ghadames basin, the OIL-IOC combine bagged block 102/4 in the Sirte basin, a government official said today.The OIL-IOC combine had won block 86 in the same basin inJanuary, he added."The Libyan government approved the award of 44 blocks in the second round of bidding last week. Indian firms managed to win two blocks," the official said.The awards were made on the basis of the signature bonus offered by the companies and the share of production they desired to keep from the hydrocarbons discovered in the blocks. Higher signature bonus and lower percentage of production keep made for the selection criteria.The official said OVL would pay a signature bonus of $6 million for block 81/1 while the OIL-IOC combine would pay $3 million.While OVL offered to keep 11.8% of any discovery in the block, the OIL-IOC combine offered to keep 10.5% of any hydrocarbon find, the official said.
