OVL oil find in Egypt

New Delhi, Nov. 13: A consortium led by ONGC Videsh Ltd (OVL) has struck oil in an Egyptian block, which is estimated to have reserves of 800 barrels per day. The discovery made off the North Ramadan Concession in the Gulf of Suez by OVL and its partner IRP Red Sea Ince is the second in the block and is located on a separate fault block north of the first oil discovery NR1A, according to an OVL statement.

Gold value

Singapore, Nov. 13: Gold may climb above $1,000 an ounce in 2011 as global mine output drops, mining costs rise and demand increases, Morgan Stanley said. Gold prices have more than doubled in the past six years and reached a record $1,032.70 an ounce on March 17 as the dollar slumped and oil advanced, increasing concerns that inflation would accelerate.

Passenger rise

Hamburg, Nov. 13: Aircraft manufacturer Airbus’s global market forecast has said that India would average an annual passenger growth of 7.7 per cent until 2025 against a world average of 4.8 per cent.

Citi boss

New York, Nov. 13: Dissatisfied with the performance of the financial services major, the board of directors of Citigroup is considering replacing the current chairman Sir Win Bischoff, according to a report in the Wall Street Journal.

Markets closed

Mumbai, Nov. 13: The Bombay Stock Exchange, the National Stock Exchange, forex and money markets remained closed today on account of Guru Nanak Jayanti.