“We’ve got (a capex plan of) Rs 45,000 crore for the Eleventh Five Year Plan (2007-2012). So, our expenditure for this year comes to about Rs 9,000 crore … slightly less than $2 billion,” said Managing Director, R S Butola.
OVL has already invested INR200 billion in the past couple of years.
In the North Ramadan block (Egypt), the company has already drilled four wells. Now, it plans to explore an additional well in the field.
The North Ramadan block (Block 6) is an offshore block situated in the Gulf of Suez in an area of about 290 square kilometers.
OVL owns a 70% participating interest in the block. IPR Energy Red Sea (IPR) holds the remaining interest.
