Correct option is B
In 2011, Oil India Ltd. (OIL), a prominent Indian state-owned oil and gas company, signed an agreement for oil exploration and production in Libya. This move was part of India's broader strategy to secure energy resources and enhance its global oil footprint. During that period, Indian companies were actively pursuing partnerships and investments in overseas oil fields to meet the rising energy demands of the country.
Oil India Ltd. joined hands with international players to explore and exploit oil resources in Libya, which is known for its substantial reserves of high-quality crude oil. Libya, despite its political challenges, was seen as a lucrative destination for foreign oil investments due to its vast untapped oil reserves. By signing the pact, Oil India Ltd. aimed to gain access to these resources, which could significantly benefit India's energy security.
The deal involved various aspects such as exploration, development, and extraction of hydrocarbons, further cementing Oil India Ltd.'s status as a key player in the global oil market. This agreement also demonstrated India’s willingness to engage in global energy ventures, reflecting its growing economic and energy needs.
