Area Drilling

EgyptEgyptian General Petroleum Corp. selected a bid by IPR Energy Red Sea Inc., Irving, Tex., for the 290 sq km North Ramadan concession in the Gulf of Suez.IPR plans to explore the block with partner ONGC Videsh Ltd., Mumbai. The block lies mostly north and northwest of the North July block that has been producing since 1991 through offshore infrastructure that could allow quick development in the event of a discovery on North Ramadan, IPR said.First phase exploration calls for $20 million to acquire 3D seismic data and drill three exploration wells.IPR sees 200 million bbl of potentially recoverable oil on the North Ramadan block. It also holds the Southwest Gebel El-Zeit development c...

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