Friday, November 14, 2008

OVL, partner strike more oil in Egypt

ONGC Videsh Ltd (OVL) and its partner IPR Red Sea Inc have made a second oil discovery in the North Ramadan Concession, Gulf of Suez, Egypt.

In a statement issued here, OVL, the overseas investment arm of ONGC said “The discovery in well North Ramadan-2 (NR-2) is the second oil discovery in this block.”

The discovery well is located on a separate fault block north of IPR’s first oil discovery, which produced approximately 3,000 bopd (barrels of oil per day) and 1.5 mmscfpd (million standard cubic feet per day) of gas during the testing phase.

According to the statement the tests of the second well reservoir produced up to 800 bopd of oil and 0.50 mmscfpd of gas.

Further analysis for development of the prospect is in progress, the statement said.

North Ramadan Concession Agreement was signed for petroleum exploration and exploitation in the Gulf of Suez, Egypt between the Arab Republic of Egypt and The Egyptian General Corporation as one part and consortium of OVL and IPR Red Sea Inc as the other part in 2005. The contract was effective from August 8, 2005.

OVL and IPR Red Sea Inc have 70 per cent and 30 per cent participating interest respectively in North Ramadan Concession.

ONGC Videsh and IPR are in the first phase of exploration in North Ramadan and have one remaining exploratory well to drill.

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