ONGC Videsh Ltd (OVL), the overseas arm of ONGC, has reportedly proposed to invest Rs 9,000 crore in the current fiscal in order to drill exploratory wells and develop blocks in Vietnam, Syria, Nigeria, Egypt and Brazil.

OVL has a capex plan of Rs 45,000 crore for the Eleventh Five Year Plan (2007-2012). So, its expenditure for this year comes to about Rs 9,000 crore.

OVL has spudded four wells in the North Ramadan block in Egypt and plans to drill an additional well in the field. The North Ramadan Block (Block 6) is an offshore block located in the Gulf of Suez in an area of about 290 sq km. The company holds a 70 per cent participating interest in the block, while the remaining is with IPR Energy Red Sea.

The company plans to drill wells in the offshore deepwater blocks 127 and 128 in Vietnam and blocks BM-S-73 and BM-ES-42 in Brazil, where it holds the operatorship with 100 per cent interest. The production at the oilfields in Brazil is expected to start in this year.

Also See:

OVL plans investment in Iraq oil block (04-May-09)