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Economy News

The Economic Times

Economy / The Economic Times

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

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 began with an oil discovery over a decade ago. However, repeated delays ultimately led to the block's relinquishment. Both companies had entered the block in an equal fifty-fifty partnership.

28 Aug 2026 11:42 pm