Date:14/11/2008 URL: http://www.thehindu.com/2008/11/14/stories/2008111457311800.htm

Business

OVL consortium strikes oil in Egypt

Special Correspondent

NEW DELHI: Oil and Natural Gas Corporation Videsh Limited-led consortium (OVL) comprising IRP Red Sea Ince has made a major oil discovery in an offshore block in Egypt. The discovery was made off the North Ramadan Concession in the Gulf of Suez, according to an official statement issued here on Thursday by OVL.

The development comes close on the heels of OVL having virtually sealed the acquisition of the U.K.-based Imperial Energy for $2.59 billion.

According to the statement, the find in the well North Ramadan-2 (NR-2), the second oil discovery in the block, is located on a separate fault block north of the first oil discovery NR-1A, which produced about 3,000 barrels of oil a day and 15 million standard cubic feet a day of gas during the testing phase.