OIL, IOCL exit Gabon block, end decade-old oil project

Mumbai: Oil India Limited (OIL) and Indian Oil Corporation Limited (IOCL) have relinquished the Shakthi-II exploration block in Gabon and terminated their Production Sharing Contract (PSC) with the country's Directorate General of Hydrocarbons (DGH), bringing to an end a project that began with an oil discovery over a decade ago, but repeated delays led to its relinquishment.

OIL and IOCL entered Gabon's Shakthi-II block in an equal 50:50 partnership.