Indian oil firms successful in Libya

While US firms grabbed 11 of the 15 blocks available for bidding, the Indian duo of IOC and OIL have won one. This is India's third block win in Libya. The first two came in an era when US and European oil firms were not allowed to invest in Libya. Thus this win should be seen in the right perspective of Indian oil firms taking on the best in the world - and winning, however small the victory.

Libya is significant because it is the biggest oil reserve holder in Africa, which after the former Soviet states, is the biggest new frontier for oil exploration in an OPEC mandated high-priced-oil environment. A lot of African states would not have been significant oil producers if oil was selling at half the current value.