The discovery was made in the first exploration well North Ramadan-1A in the North Ramadan block in Gulf of Suez, a release said.
The total potential resources in the block exceed 200 million barrels of oil, it said. North Ramadan concession is 290 sq km in size and is surrounded by some of Egypt's most prolific producing oil fields in the Gulf of Suez.
OVL-IPR combine have committed to drill three exploratory wells and acquire 50 sq km of 3D data and reprocessing of existing date in the first exploration phase of three years.
The Indian firm holds 70 per cent interest in the block, while IPR has the remaining 30 per cent.
"North Ramadan-1A, the first commitment well for the North Ramadan concession, was drilled to total depth of 10,050 feet," the release said. Oil flowed at the rate of 2,979 barrels per day and 1.5 million standard cubic feet per day. The oil is sweet crude of 36.5 degree API.
"The consortium anticipates other leads in the concession to be prospective and will focus attention on proving up additional potential during the upcoming drilling campaign," it added.
OVL and IPR are in the first phase (three years) of exploration in North Ramadan and have two remaining exploratory wells and acquisition of 3D seismic. The budget for the first phase work programme of activities is about $45 million.
