Indian Oil Corp. (530965.BY) has submitted the commerciality report for its gas find in Iran's Farsi block to the Iranian government last December, a senior company executive said Friday.
The development of this block, which has an estimated reserve of 12.8 trillion cubic feet, may cost $3 billion, said the executive, who didn't wish to be named.
Indian Oil and ONGC Videsh Ltd. each own a 40% stake in the Farsi block, while Oil India Ltd. holds the rest.