ONGC Videsh strikes oil off Egypt

New Delhi: A consortium lead by Oil and Natural Gas Corporation Videsh Limited (OVL) has announced a major oil discovery in an offshore block in Egypt.

OVL made the discovery along with consortium partner IRP Red Sea Ince, in an offshore block in Egypt, off the the North Ramadan Concession in the Gulf of Suez, according to a  staement issued by the company.

The statement said that the find in the well, North Ramadan-2 (NR-2), is the second oil discovery in the block, located on a separate fault block north of the first oil discovery in NR-1A. The well produced about 3,000 barrels of oil a day and 15 million standard cubic feet a day of gas during the testing phase, the release said, adding, the first discovery is yet to be put on commercial production. 

The flow rate of both oil and gas from the latest discovery is lower than the first discovery well, it said, adding, further analysis for development of the prospect is in progress. OVL did not disclose any further information pertaining to the size of the oil and gas reserves in the Egypt field.

OVL holds 70 per cent in the North Ramadan Concession, while its consortium partner IPR has the remaining 30 per cent. The North Ramadan concession is 290 square kilometers in size and is surrounded by some of Egypt's most prolific producing oil fields in the Gulf of Suez.