New Delhi, April 27 -- Indian Oil Corporation Limited on Monday said that a fresh oil and gas discovery has been made in an onshore exploration block in Libya, where it holds a 25 per cent participating interest as part of an Indian consortium.

The company, in a stock filing, said that "with the resumption of exploration activities, drilling of the 6th exploratory well has led to a fresh oil and gas discovery" in Block Area 95/96, located in the Ghadames Basin of south-western Libya.

Indian Oil said the exploration block spans around 6,600 square kilometres and is located in a "well-established hydrocarbon province." It added that the consortium's approved exploration programme includes eight wells, of which five have already been drill...