VERIFIEDET Finance·28 Aug 2026neutral

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

AI Summary

·Oil India and Indian Oil have relinquished their Shakthi-II exploration block in Gabon.
·This action terminates their Production Sharing Contract with the country's Directorate General of Hydrocarbons.
·The project, which began with an oil discovery over a decade ago, faced repeated delays leading to its relinquishment.