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OVL submits feasibility report on Iranian block
Special Correspondent
NEW DELHI: Oil and Natural Gas Corporation Videsh Limited (OVL) has now submitted a feasibility report for the oil discovery made in the Farsi block in Iran to the National Iranian Oil Company on November 26 this year. The oil discovery was made in 2006 in the BB structure when the company had drilled three oil wells.
Official sources said OVL holds 40 per cent interest in the 3,500 sq. km. offshore block. Feasibility report of the field has also been submitted to Indian Oil Corporation (IOC) which holds 40 per cent stake in the block while the remaining 20 per cent is held by Oil India Ltd (OIL).
Iran had in September approved the commercial viability of natural gas production from the block. Tehran is likely to decide by mid-2009 on awarding the development rights for the field to Indian oil companies.
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