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

New Delhi April 5 ONGC Videsh Ltd (OVL) and its partner IPR Red Sea Inc have made a significant discovery in the Gulf of Suez, Egypt.

In a statement issued here, OVL said that together with IPR it has made a new oilfield discovery in their first exploration well North Ramadan-1A in the North Ramadan Concession, Gulf of Suez, Egypt. OVL and IPR Red Sea have 70 per cent and 30 per cent participating interest respectively in North Ramadan Concession.

According to the statement, the total potential resources in the block exceed 200 million barrels of oil. North Ramadan Concession is 290 sq km in size and is surrounded by some of Egypt's most prolific producing oil fields in the Gulf of Suez. OVL-IPR have committed to drill three exploratory wells and acquire 50 sq km of 3D data and reprocessing of existing date in the first exploration phase of three years.

Oil flowed at the rate of 2,979 barrels per day and 1.5 million standard cubic feet per day, the statement said adding that the oil is sweet crude of 36.5 degree API. ``The consortium anticipates other leads in the concession to be prospective and will focus attention on proving up additional potential during the upcoming drilling campaign,'' it added.

OVL and IPR are in the first phase (three years) of exploration in North Ramadan and have two remaining exploratory wells and acquisition of 3D seismic. The budget for the first phase work programme of activities is about $45 million.

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ONGC Videsh, IPR make new discovery in Gulf of Suez

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