Oil India Limited has acquired its first overseas oil field in Libya outbidding global giants like Occidental, CNPC and Petrocanda among others.

The oil major is all set to explore in Libya and a memorandum of understanding to this effect was signed on Tuesday in Tripoli, according to OIL sources.

The contract was signed between the consortium of OIL and Indian Oil Corporation Limited and the National Oil Company, Libya.

Meanwhile, OIL has been rated as the fifth best public sector undertaking in a study conducted by India Today and CRISIL, which examined the performance of 186 central PSUs.