US-based IPR looks beyond OVL in Syria

Vol 18, PW 15 (26 Mar 15) News in Brief

Texas-based IPR Group wants to go beyond its partnership with ONGC Videsh in Syria and establish a direct presence in India by acquiring a stake in a producing asset.

“Our bosses in the US think India is the right place to be right now,” says Narendra Saxena, IPR’s representative in India. “There’s talk of ONGC launching a licensing round for marginal fields and we’ll be taking a close look.

” Owned by Egyptian Dr. Mahmoud K.

Dabbous, IPR’s relationship with OVL dates back to January 19, 2004 when subsidiary IPR Mediterranean Exploration Ltd (40%) and OVL (60%) signed a PSA for Block-XXIV in Syria. Months before Syria imploded, IPR and OVL in March 2010 announced discovery wells Rashid-1 (which flowed 1300 b/d of 26-degree API oil and 11m cf/d during testing) AK-1 (1000 b/d) and AK-2 (2100 b/d).

In Egypt, OVL (70%) and IPR Energy Red Sea (30%) Inc signed a contract for North Ramadan Block 6 on August 8, 2005 but relinquished it in 2011 after two non-commercial discoveries.