OVL finds oil in Gulf of Suez block

New Delhi, Apr 5 (UNI) ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation (ONGC) and its partner IPR Red Sea Inc have made a significant new oil find in a block in the Gulf of Suez.

The discovery is in the first exploration well -- North Ramadan-1A -- drilled in the 290 sq km North Ramadan Concession, a company statement said.

ONGC Videsh Ltd and IPR Red Sea have a 70 per cent and 30 per cent participating interest respectively in North Ramadan Concession.

The block was drilled to total depth of 10,050 feet in the lower Miocene Mheiherrant formation. A total of 133 feet over over a gross interval of 174 feet of of interbedded sandstones, shales and limestones in the Asl formation were perforated.

UNI