OVL, the overseas arm of India's Oil & Natural Gas Corp. (500312.BY), has submitted a feasibility report for oil it discovered two years ago in Iran, the Press Trust of India reported Friday, citing India's Minister of State for Petroleum and Natural Gas Dinsha Patel.
OVL holds a 40% stake in the 3,500-square kilometer offshore Farsi block, which officials say might contain about a billion barrels of oil, PTI said.
Indian Oil Corporation (530965.BY) holds 40% interest in the block and Oil India Ltd. holds 20%, the Indian news agency reported.
It said Tehran is likely to decide by mid-2009 on awarding the development rights for the field.