ONGC Videsh strikes oil in Egypt

November 13th, 2008 - 5:28 pm ICT by IANS  

New Delhi, Nov 13 (IANS) A consortium led by ONGC Videsh (OVL) has struck oil in an Egyptian block, which is estimated to have reserves of 800 barrels of oil per day.An OVL statement Thursday said the discovery in well North Ramadan-2 (NR-2) is the second oil find in the block.

The first discovery was made in another well, NR-1A ST1, which produced about 3,000 barrels of oil per day during the testing phase.

The second discovery was made after drilling NR-2 at a depth of 11,700 feet.

The block is operated by OVL and IPR Red Sea Inc of Egypt; the two firms have 70 percent and 30 percent interest, respectively, in the North Ramadan concession. The agreement between the two was signed in 2005.

The consortium is in the first phase of exploration in North Ramadan, with one more exploratory well to be drilled this month.

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