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India-based ONGC Videsh Ltd has discovered oil reserves in an Egyptian block. The company informed that the newly discovered reserves are capable of producing 800 barrel of oil in a single day. The company had discovered oil reserves during its first exploration. The second discovery is made in well North Ramadan-2 (NR-2). The first oil discovery in well NR-1A ST1, produced about 3,000 barrels of oil per day. The recent oil reserves are found after drilling the well at a depth of 11,700 feet. ONGC Videsh was assisted by another Egyptian company called IPR Red Sea Inc in undertaking the oil exploration project. The two companies had signed the partnership agreement in 2005.
ONGC Videsh and IPR Red Sea Inc are engaged in the oil exploration operation in North Ramadan. The two companies share the interest of 70 and 30 per cent respectively. The consortium which has discovered new oil reserves will drill one more well in the block. The wholly owned subsidiary of the Oil and Natural Gas Corporation Limited (ONGC), ONGC Videsh Ltd is one of the top ranking oil and gas exploration companies of Asia. The India-based ONGC Videsh focuses on exploration, production, transportation and sale of oil and gas. The company also acquires oil and gas fields in foreign countries.
