OVL discovers oil in Syria

ONGC Videsh Ltd (OVL) and its partner, IPR Mediterranean Exploration Ltd, have made new oil discoveries in Block-24, in Syria.

In a statement issued here, OVL said two discoveries – Rashid and Abu Khashab fields – in Block-24 had been made. “The two discoveries are expected to hold about 185 million barrels of oil in place. A plan of development (POD) has been submitted for development of both Rashid and Abu Khashab fields,” the statement said.

Sources told Business Line that OVL's investment in the project till now was around $ 24.3 million. “We will now undertake more exploratory work in the block, and this will mean drilling more wells. OVL is looking at an additional investment of about $ 24 million in 2010,” the sources added.

The discoveries of Rashid and Abu Khashab fields occurred back-to-back in 2009. The contract or concession agreement for the block was signed in January 2004 and was effective May 2004. OVL holds 60 per cent participating interest in Block-24, with IPR Mediterranean (operator) holding the remaining 40 per cent.

The first discovery well Rashid-1 tested oil with a rate of 1,343 barrels per day (bpd). The second discovery well Abu Khashab-1 tested oil with a rate 900 bpd. The third well Abu Khashab-2 was drilled deep where oil was found. According to the statement, exploration work was still continuing in the block.

Source: The Hindu Business Line.
Link: http://www.thehindubusinessline.com/2010/03/06/stories/2010030653010200.htm.