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November 13, 2008 16:39 IST
ONGC [Get Quote] Videsh Ltd and its partner IRP Red Sea Ince have made a second oil discovery in an offshore block in Egypt.
The discovery was made off the North Ramadan Concession in Gulf of Suez, OVL, the overseas investment arm of Oil and Natural Gas Corporation, said.
The find in 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 per day and 15 million standard cubic feet per day of gas during the testing phase.
NR-2 was drilled to a total depth of 11,700 feet and struck 113 feet of oil bearing sands. During testing, it produced 800 barrels per day of oil and 0.50 mmscfd of gas.
"IRP's infrastructure like the offshore platform and facilities in adjacent North July (field), will provide an option for expedited development of the two discoveries," the statement said.
"A further analysis for development of the prospect is in progress."
OVL holds 70 per cent in the North Ramadan Concession, while IPR has the remaining 30 per cent.
The 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-IRP are in the first phase of exploration in North Ramadam and will drill one more exploration well on the block.
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