Iran has discovered a new oil field in the country's Persian Gulf Farsi Block, Iran's English-language satellite channel Press TV reported Saturday.
"This oil field was discovered by India's state-run Oil and Natural Gas Corp. (ONGC). Details of the new discovery are in the process of being finalized," said Mahmoud Zirakchianzadeh, head of the Iranian Offshore Oil Co., according to Press TV.
Zirakchianzadeh added that India's ONGC will soon present its final findings on the discovery, and if the field is cost-effective, the company will develop the new field as well as the Farzad B natural gas field, which is also located in the Farsi Block, Press TV said.
The oil field's capacity will be announced after ONGC completes its studies, Zirakchianzadeh said, Press TV reported.
ONGC previously said it plans to invest $3 billion with its partners in the development of Iran's Farsi natural gas block, according to the report.
The Farzad B natural gas field in the Farsi Block has an estimated 12 trillion cubic feet in natural gas reserves, the report said.
Iran is the world's fourth-largest oil producer and has the second-largest natural gas reserves worldwide.