India's international energy efforts have gained new momentum as Indian Oil Corporation (IOC) and Oil India Limited announced a fresh oil and gas discovery in Libya, coinciding with heightened strain in global crude markets due to geopolitical tensions and disruptions around the Strait of Hormuz.

National Oil Corporation (NOC) announced on Wednesday a new oil and gas discovery in the Ghadames Basin, located in the southwest of Libya.

Russia’s energy company Gazprom Neft has announced the discovery of a new oil field on the Yamal Peninsula, with estimated geological reserves of 55 million tons of crude oil.

BP has announced an oil discovery in the Far South field in the U.S. Gulf of Mexico, the UK-based oil major revealed on Monday.

Reference is made to the stock exchange notice by BW Energy on 20 May 2024 announcing a substantial oil discovery on the northern flank of the Hibiscus field.