Mumbai, March 1
ONGC Videsh Ltd, the overseas arm of exploration company Oil and Natural Gas Corporation, has bagged a contract to develop an oil block believed to have in-place reserves of 600 million barrels, along with its consortium partner IPR Energy Red Sea Inc.
The companies will have to invest $20 million to develop North Ramadan block no. 6, situated in the central part of the Gulf of Suez, a news release said.
OVL has a 70-per cent participating interest in the development phase and will work as a joint operator with IPR, which is also partnering OVL in developing an exploration block in Syria.
Other international oil companies that had bid for the North Ramadan block include British Petroleum, Petro SA and Ludin, the release said.