A consortium led by ONGC Videsh (OVL) has discovered oil in an Egyptian block, which is estimated to have reserves of 800 barrels of oil per day. 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. Further, 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 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.
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