OVL and IPR make second oil discovery in Gulf of Suez

Nov 14, 2008 01:00 AM

The overseas arm of Oil & Natural Gas Corp (ONGC), India's biggest explorer, and IPR Energy Red Sea said they have made a second oil discovery in the Gulf of Suez off Egypt.
The North Ramadan-2 reservoir produced 800 barrels of oil a day during tests, New Delhi-based ONGC said.

The first find, NR1, had produced 3,000 bpd during tests, the company said. The companies plan to begin drilling at North Ramadan-3 in the first fortnight of November.
ONGC Videsh Ltd. (OVL), the overseas unit of Oil & Natural Gas Corp., owns a 70 % stake in the area and IPR owns the remaining.

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