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| OVL makes two oil discoveries in Syria |
| BS Reporter / New Delhi Mar 06, 2010, 00:42 IST |
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ONGC Videsh Ltd (OVL), the overseas arm of state-owned explorer Oil and Natural Gas Corporation (ONGC), has made two significant oil discoveries with a combined potential of 185 million barrels in a block in north eastern Syria.
OVL and its partner IPR Mediterranean Exploration Ltd discovered the Rashid and Abu Khashab oilfields in Block-24, ONGC said in a statement here. Rashid-1 well, drilled up to 1,739 metres, tested oil at the rate of 1,343 barrels per day (bpd). The second discovery well Abu Khashab-1 penetrated Jeribe formation of Miocene age at 950 metres and tested oil with a rate of 900 bpd. The third well Abu Khashab-2 was drilled to deeper horizons Dibbane and Chilou, where oil was found.
“The two discoveries are expected to hold about 185 million barrels of oil in place. Plan for development has been submitted for both Rashid and Abu Khashab fields,” it said.
Block-24, for which a concession agreement was signed in 2004, is spread over 1,927 sq km. OVL holds 60 per cent interest in it, while the remaining 40 per cent is with IPR.
OVL has several producing and exploration assets in hydrocarbon-rich Africa and is looking at more acquisitions in the continent. OVL currently has 11 oil and gas projects in African nations like Sudan, Nigeria and Egypt.
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